Ace school

with brainly

  • Get help from millions of students
  • Learn from experts with step-by-step explanations
  • Level-up by helping others

A community for students.

ryan puts $500 into a bank account. the bank pays 5% compound interest per year. how much is the interest after one year?

Mathematics
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Join Brainly to access

this expert answer

SEE EXPERT ANSWER

To see the expert answer you'll need to create a free account at Brainly

Continuous compounding. \( \color{Black}{\Rightarrow 500(1 + 0.05) \large^n }\)
\(n\textbf{ is the number of years.}\)
ok

Not the answer you are looking for?

Search for more explanations.

Ask your own question

Other answers:

\( \color{Black}{\Rightarrow 500(1.05)^1 }\) \( \color{Black}{\Rightarrow 500 \times 1.05 }\)
$525?
is it?
This is compounded interest.
im confused :s
And yes it is $525 :)
oh ok there's part 2
lol sorry parth read mistake ;)
Interest = Amount - Principal Interest = 525 - 500 Interest = 25
work out the total amount he has in his bank account after 2 yrs
@ZhangYan if it's one year then both simple and compound may apply :) so your answer is correct but not the method :S
work out the total amount he has in his bank account after 2 yrs

Not the answer you are looking for?

Search for more explanations.

Ask your own question