Find the compound interest and final amount $950 for 2 years at 7½ per annum

Mathematics

1 answer:

wlad13 [49]3 years ago

6 0

Answer:

1092.50 account value

142.50 interest

Step-by-step explanation:

to solve compound interest questions we use the formula A=P(1+rt) where P is the principal (initial investment) r is the rate or the return (7.5%) and t is the interval or time so 2 years

now putting it together we get A=950(1+ (7.5x2)) = 1092.50 $

the interest is this value A minus the initial investmetn so 1092.50 - 950 = 142.50$

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$\bf n^{th}\textit{ term of an arithmetic sequence}
\\\\
a_n=a_1+(n-1)d\qquad
\begin{cases}
n=n^{th}\ term\\
a_1=\textit{first term's value}\\
d=\textit{common difference}\\[-0.5em]
\hrulefill\\
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d=35\\
a_n=3725
\end{cases}
\\\\\\
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