please show work
thank you
2007-11-06 14:56:59 · 4 answers · asked by Anonymous in Education & Reference ➔ Homework Help
aww you're all great thanks for taking the time to answer my question :)
2007-11-06 15:24:38 · update #1
Actually, the previous two answers are incorrect. The interest on $1,200 for one year at 4% is actually $48.88 due to compounding of interest.
I know, I know, this is pretty nitpicky.
Tom
2007-11-06 15:13:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
$1200 x .04 = 48
You will earn $48, not $50.
2007-11-06 23:05:10 · answer #2 · answered by hottotrot1_usa 7 · 1⤊ 0⤋
no 1200 x .04 = 48 so you are 2 dollars short.
2007-11-06 23:04:44 · answer #3 · answered by Sammy 3 · 1⤊ 0⤋
It depends at what intervals the interest is compounded, if it is compounded annually you will only earn $48 as I = P*r When this formula is substituted it is I(interest)=$1400(principle)*.04(rate)= $48
2007-11-06 23:16:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋