02.04.2021

Need help asap important! thanks so much! Suppose you deposited $300 in the bank and left it there for 2 years. If the bank

pays 7% interest, compounded each year, how much money would you have at

the end of the 2 years? You may use a calculator. (Hint: Make a chart showing each

year’s balance and interest.)

. 0

Step-by-step answer

09.07.2023, solved by verified expert
Unlock the full answer

You would have $343.37 at the end of the 2 years.

Step-by-step explanation:

Interest earned is like bonus money the bank pays you just for keeping money

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

P: the starting balance of the account (also called initial deposit, or principal)

A: the new balance in the account after N years.

t: the number of years or time

r: the interest rate, (in decimal form)

n: the number of times the interest is compounded each year.

Annually = each year = 1

P =$300, r = 7%, t = 2, n = 1, A = ?

Substitute the numbers into the "Compound Interest Formula".

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

So you would have $343.37 at the end of the 2 years.

Look at the chart

Need help asap important! thanks so much! Suppose, №18009931, 02.04.2021 03:04

It is was helpful?

Faq

Mathematics
Step-by-step answer
P Answered by Master

You would have $343.37 at the end of the 2 years.

Step-by-step explanation:

Interest earned is like bonus money the bank pays you just for keeping money

\mathrm{Compund\:Interest\:Formula}:\quad A =  P {  \left( 1+ \dfrac{ r  }{ n  }    \right)    }^{ nt  }

P: the starting balance of the account (also called initial deposit, or principal)

A: the new balance in the account after N years.

t: the number of years or time

r: the interest rate, (in decimal form)

n: the number of times the interest is compounded each year.

Annually = each year = 1

P =$300, r = 7%, t = 2, n = 1, A = ?

Substitute the numbers into the "Compound Interest Formula".

A =  300 {  \left( 1+ \dfrac{ 0.07  }{ 1  }    \right)    }^{ 1 \times  2  }

\mathrm{Anything\:divided\:by\:1\:gives\:itself}

A =  300 {  \left( 1+0.07  \right)    }^{ 1 \times  2  }

\mathrm{Add\:1\:and\:0.07\:to\:get\:1.07}

A =  300 \times   { 1.07  }^{ 1 \times  2  }

\mathrm{Multiply\:1\:and\:2\:to\:get\:2}

A =  300 \times   { 1.07  }^{ 2  }

\mathrm{Calculate\:1.07\:to\:the\:power\:of\:2\:and\:get\:1.1449}

A =  300 \times  1.1449

\mathrm{Multiply\:300\:and\:1.1449\:to\:get\:343.47}

A =  343.47

So you would have $343.37 at the end of the 2 years.

Look at the chart

\mathrm{Year}\quad	\mathrm{Year\: Interest}\quad	\mathrm{Total\:Interest}\quad	\mathrm{Balance}\\\quad1\quad\quad\quad	$21.00\quad\quad\quad\quad	$21.00\quad\quad\quad\quad	$321.00\\\quad2\quad\quad\quad	$22.47\quad\quad\quad\quad	$43.47\quad\quad\quad\quad	$343.47

Mathematics
Step-by-step answer
P Answered by PhD
Answer: 440 grams for 1.54 is the better value
Explanation:
Take the price and divide by the number of grams
1.54 / 440 =0.0035 per gram
1.26 / 340 =0.003705882 per gram
0.0035 per gram < 0.003705882 per gram
Mathematics
Step-by-step answer
P Answered by PhD

Cost of 7 gallons=$24.50

Cost of 1 gallon=24.50/7=3.5

Cost of 15 gallons=15*3.5=52.5

Cost of 15 gallons will be $52.5

Mathematics
Step-by-step answer
P Answered by PhD

For every 8 cars there are 7 trucks

Therefore,

Cars:Truck=8:7

Answer is B)8:7

Mathematics
Step-by-step answer
P Answered by PhD

The solution is in the following image

The solution is in the following image
Mathematics
Step-by-step answer
P Answered by PhD

Salesperson will make 6% of 1800

=(6/100)*1800

=108

Salesperson will make $108 in $1800 sales

Mathematics
Step-by-step answer
P Answered by PhD

The answer is in the image 

The answer is in the image 

Try asking the Studen AI a question.

It will provide an instant answer!

FREE