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Ycdi
15.12.2019 •
Mathematics
1.)if the simple interest on $1,000 for 2 years is $160, then what is the interest rate?
2.)a new bank customer with $2,000 wants to open an ira to earn money for retirement. the bank is offering a simple interest rate of 9%. how much interest will the customer earn in 20 years? in 30 years? what will be the account balance after 20 years? after 30 years?
3.)edward deposited $7,000 into a savings account 3 years ago. the simple interest rate is 3%. how much money did edward earn in interest? what would be his new account balance?
(pls me, asap)
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Ответ:
Please see the detailed answer below:
Step-by-step explanation:
1.)
Interest Rate = Interest / (Principal x Time)
Interest Rate = $160 / ($1,000 x 2)
Interest Rate = $160 / $2,000
Interest Rate = 0.08
Interest Rate = 8%
2.)
Interest in 20 Years
Interest = Interest Rate x Principal x time
Interest = 0.09 x $2,000 x 20
Interest = $3,600
Account Balance after 20 Years
Account Balance = Principal + Interest
Account Balance = $2,000 + $3,600
Account Balance = $5,600
Interest in 30 Years
Interest = Interest Rate x Principal x time
Interest = 0.09 x $2,000 x 30
Interest = $5,400
Account Balance after 30 Years
Account Balance = Principal + Interest
Account Balance = $2,000 + $5,400
Account Balance = $7,400
3.)
Interest = Interest Rate x Principal x time
Interest = 0.03 x $7,000 x 3
Interest = $630
Account Balance after 3 Years
Account Balance = Principal + Interest
Account Balance = $7,000 + $630
Account Balance = $7,630
Ответ:
86
Step-by-step explanation: