Question

(a) $450 for 2 years at 10% per annum
compounded yearly,

Reply urgently​

Answer 1

Answer:

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Step by step explanation:

Use this formula:

p%2A%28%281%2Bi%29%5En%29=x

p=original principal

i=interest rate per compounding period

n=number of compounding periods

x=new amount of money

So start pulling pieces from the question.

-What was the original amount you started with? $450 (p)

-What is the interest rate per compounding period? 10% (i)

-How many times does it compound? 2 (n)

-We are looking for X

So take the original formula

p%2A%28%281%2Bi%29%5En%29=x

substitute in what you know, and solve for X

450%2A%28%281%2B.10%29%5E2%29=x

x=450%2A%281.1%5E2%29=450%2A1.21=544.50

So you started with $450 and ended with $544.50. How much does that mean you earned?

544.50-450=94.50