Asked by Smartypants
Sherpa invests $10,000 in a saving account which pays a compound interest at R% per year if the total interest earned in 2years is $400, find the value of R.
Answers
Answered by
drwls
Solve this for R (as a decimal):
10,000*(1 + R)^2 = 10,400
(1+R)^2 = 1.0400
1+R = 1.0198
R = 0.0198 or 1.98%
10,000*(1 + R)^2 = 10,400
(1+R)^2 = 1.0400
1+R = 1.0198
R = 0.0198 or 1.98%
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.