Georgie put $500 in her savings account, earning interest at a rate of 4% each year. She did not make any more deposits or withdrawals. a) How much money was in the account after one year? b) How much money was in the account after 4 years? c) Was the amount of money earned in interest the same or different each year?

Answers

Answer 1

Answer:

a) $520

b) $580

c) Interest amount is same each year

Step-by-step explanation:

Given - Georgie put $500 in her savings account, earning interest at a rate of 4% each year. She did not make any more deposits or withdrawals.

To find - a) How much money was in the account after one year?

              b) How much money was in the account after 4 years?

              c) Was the amount of money earned in interest the same or different each year?

Proof -

Here given that,

Principal amount = $500

rate of interest = 4% = 4/100 = 0.04

Now,

a)

Amount =  P [ 1 + RT ]

             = 500 [ 1 + 0.04(1)]

             = 500 [ 1 + 0.04] = 520

⇒Amount = $520

b)

Amount =  P [ 1 + RT ]

             = 500 [ 1 + 0.04(4)]

             = 500 [ 1 + 0.16] = 580

⇒Amount = $580

c)

In 2nd year,

Amount =  P [ 1 + RT ]

             = 500 [ 1 + 0.04(2)]

             = 500 [ 1 + 0.08] = 540

⇒Amount = $540

Now,

Interest in 1st year = 520 - 500 = 20

Interest in 2nd year = 540 - 520 = 20

So,

The interest amount  is same each year


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Answers

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Step-by-step explanation:

I got this question right

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Answers

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Answers

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Click image if helpful

Answers

I think it’s a 81/2m^6
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Then you calculate the product 81 and 1/2

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