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
265
likes1323 views
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
Eliseo
4.6111 Answers
1. **Calculate the interest for the first year:**
- Principal,P = 6300
- Rate,r = 0.05
- 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 is315 330.75 6945.75
- Principal,
- Rate,
- Interest for the first year,
2. **Calculate the new principal after the first year:**
- New Principal,
3. **Calculate the interest for the second year:**
- Interest for the second year,
4. **Calculate the total balance at the end of the second year:**
- Balance,
The interest earned during the first year is
Frequently asked questions (FAQs)
What is the maximum value of the parabola function 𝑦 = −2𝑥^2 + 4𝑥 − 1?
+
Question: Find the side length of a cube with a volume of 64 cm³.
+
What is the measure of angle C in a right triangle with angles A = 30 degrees and B = 60 degrees?
+
New questions in Mathematics