⇒ Given
<em>We call this given because it is the first thing that we see in the problem and is the exact equation that we will use to solve</em>
__________
⇒ Distributive Property
Distributive Property - <em>To use the distributive property, we need to understand the formula to use it. This formula will ensure that you can easily solve any equation.</em>
<em>The distributive property is A(B + C) = AB + AC, where AB is the product of the values A and B and AC is the product of the values A and C.</em>
<em>First, let's notice that we are distributing a 2 into the parentheses, so we will mark this as our A value.</em>
<em>Then, our two values inside the parentheses are B and C respectfully</em>
<h2>Def. by NoblePenguin (mod)</h2>__________
⇒ Subtraction Property
Subtraction Property - <em>The "Subtraction Property" is used in algebra to subtract both sides by the current value of a positive number, to separate x on one side of the equation</em>
__________
⇒ Division Property
Division Property - <em>The "Division Property" is used in algebra to divide both sides by the current value of a pos or neg number, to separate x on one side of the equation</em>
Answer:
2.1%
Step-by-step explanation:
The formula for compound interest is given as:
Given the Principal amount as $6000, and the rate in the first two years as 1.5%:
We compound for 1 year at rate i to obtain $6311.16:
Hence, the compound interest rate in the third year is 2.1%