Monica had a saving a account which paid her an interest rate of 4%. After she had this account for 12 years, she had received $192 in interest. How much money had she put into the account at the beginning of the 12 years?
Please help me answer this question step by step
Dr. Morton puts $5000 in the bank and left it there for 6 months. What simple interest rate she needs to have in order to have made $50 at then end of 6 months?
I = prt
192 = P * 0.04 * 12
192 = 0.48p
400 = p
Thank you
You are welcome.
Use the formula I posted above.
I'll be glad to check your answer.
I=5000
P=50
R=?
T= 6
Answer... About 16 or 17%
The time is only half a year so use 0.5 for time.
Answer 200
You're looking for the rate.
I = Prt
50 = 5,000 * r * 0.5
50 = 2500r
50 / 2500 = r
To find the percent, multiply your decimal answer by 100
Yay! 2% is right.
Find the amount of interest Nina's saving account will earn after 3 years if her initial deposit was $900 with an 8% simple interest rate.
I=prt
I=900(0.08)(3)
I=216
Right! :-)
Cary puts $400 he earned from mowing lawns in the bank for two years at an interest rate of 5%. What would be the total amount of money that he would have in the bank be at the end of two years.
I=prt
I=400(0.05)(2)
I=40
He's earned $40 in interest.
Now, please, answer the question.
Am suppose to find the compound interest if so could give me the formula
4000(1+0.05)^2
Answer 4410
This is the question you should answer.
What would be the total amount of money that he would have in the bank be at the end of two years.