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6300 at 5% if the interest on each investment is compounded annually find the interest earned during each of the first 2yr. Then find the balance at the end of the second year

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Answer to a math question 6300 at 5% if the interest on each investment is compounded annually find the interest earned during each of the first 2yr. Then find the balance at the end of the second year

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Eliseo
4.6
110 Answers
1. **Calculate the interest for the first year:**

- Principal, P = 6300

- Rate, r = 0.05 (5%)

- Interest for the first year, I_1 = P \cdot r = 6300 \cdot 0.05 = 315

2. **Calculate the new principal after the first year:**

- New Principal, P_{new} = P + I_1 = 6300 + 315 = 6615

3. **Calculate the interest for the second year:**

- Interest for the second year, I_2 = P_{new} \cdot r = 6615 \cdot 0.05 = 330.75

4. **Calculate the total balance at the end of the second year:**

- Balance, B=P_{new}+I_2=6615+330.75=6945.75

The interest earned during the first year is 315 . The interest earned during the second year is 330.75 . The balance at the end of the second year is 6945.75 .

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