James decided to open a basic savings account he put 1000.00 dollars in his account. the account earns 5% interest he earns 50 dollers in the first mouth. his new balance mouth. what is the interest type?

Question

Preston Irwin

Mathematics

1 March, 23:04

James decided to open a basic savings account he put 1000.00 dollars in his account. the account earns 5% interest he earns 50 dollers in the first mouth. his new balance mouth. what is the interest type?

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Answers (1)

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Harmon · Answer 1

M = C * (1+i) ^t

M = 1000 * (1+0,05) ¹

M = 1000*1,05

M = 1050 (earns $ 50)

se t = 2 meses:

M = 1000 * (1+0,05) ²

M = 1000 * (1,005) ²

M = 1.102,50

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