After 1 year, $10,000 deposited in a savings account with simple interest had earned
2 answers:
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Answer:
16 ribbons
Step-by-step explanation:
Given the length of the chain as 10 and there is a ribbon tied to it every
, we can take the total length of the chain and divide by the measure of
:
When dividing with fractions, we use the rule of 'keep/change/flip' to keep the first fractions, change the operation to multiplication and flip the second fraction.
Two thousand dollars is invested at 5.5 percent interest compounded
quarterly for 2 years. Then the amount is $ 2230.88
<u>Solution:</u>
Given that Two thousand dollars is invested at 5.5 percent interest compounded quarterly for 2 years
<em><u>The formula for amount using compounded quarterly is given as</u></em>:
Where, "p" is the principal sum
"R" is the rate of interest
"T" is the number of years
Here in this problem,
P = 2000 ; R = 5.5 ; T = 2 years
Plugging in values in formula we get,
On solving we get,
Hence the amount is $ 2230.88