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patience233
21.12.2019 •
Mathematics
The expression 1,000(1.0215)4t represents the amount of money in an account after t years. the interest is compounded , and the effective annual interest rate on the account is .
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Ответ:
Rate = r= 8.6 %
Step-by-step explanation:
For compound interest
A= P( 1 +r/n)⁴t= 1000(1.0215)⁴
from above we have 1.0215= 1+ 0.0215= 1+r/4
0.0215=r/4
r= 0.0215 *4=0.086= 8.6 %
where A is the amount
P= Principal
interest Rate= r
n= number of times interest is applied per year
t= number of years (time)
for t= 1
A= 1000(1.0215)⁴= 1000(1.0888) =$ 1088.813
for t= 2
A= 1000(1.0215)⁸= 1000( 1.18554)= $1,185.515
Ответ: