Respuesta :
Answer:
The interest earned at the end of first year is $140.
Step-by-step explanation:
The amount invested originally, P = $7,000.
The interest rate is, r% = 2%.
Assuming compound interest annually.
Compute the amount at the end of first year as follows:
[tex]A=P[1+\frac{r}{100}]^{t}[/tex]
[tex]=7000\times[1+0.02]^{1}\\\\=7000\times 1.02\\\\=7140[/tex]
Compute the interest earned:
[tex]I=A-P=7140-7000=140[/tex]
Thus, the interest earned at the end of first year is $140.
Answer:
The answer is £7367.55
Step-by-step explanation:
To find the interest , do £7273 - £7000, which is £273. Then, divide the interest by overall amount invested, so 273/7000. This gets you the multiplier 0.039 (x). Afterwards, you need to find the multiplier for the 2nd year, which says it is x/3%. Then, do 0.039/3 = 0.013. This is the multiplier for the 2nd year. Then all you have to do afterwards is £7273 x 1.013 (substituting the multiplier so that you can find the value) to get £7367.55
