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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

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111 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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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

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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