Mary deposits $1600 AT a bank.the interest is compound half-yearly and an interest of $81
will be accrued after 1years.
a)find the interest rate
b)if she deposits the amount at the same interest rate,find the interest she will get at the end of second year.
NOT JUST ANSWER!!Please give me both of the step and the answer....
COMPOUND INTEREST
2007-10-05 6:11 am
回答 (2)
2007-10-05 6:17 am
✔ 最佳答案
Mary deposits $1600 AT a bank.the interest is compound half-yearly and an interest of $81will be accrued after 1years.
a)find the interest rate
(1600)(1 + r%/2)^2 - 1600 = 81
1 + r%/2 = 1.025
r% = 0.05 = 5%
b)if she deposits the amount at the same interest rate,find the interest she will get at the end of second year
(1600)(1 + 5%/2)^4 - 1600 = 166.10
2007-10-05 6:18 am
a)
1600*(1+n%)^2 -1600 = 81
1600*(1+n%)^2 = 1681
(1+n%)^2 = (41/40)^2
n% = 2.5% (half year)
b)
1600*(1+2.5%)^4
= $1766.1
1600*(1+n%)^2 -1600 = 81
1600*(1+n%)^2 = 1681
(1+n%)^2 = (41/40)^2
n% = 2.5% (half year)
b)
1600*(1+2.5%)^4
= $1766.1
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