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alculate the amount of interest on $2,000.00 for 4 years, compounding daily at 2.25 % APR. From the Monthly Interest Table use $1.094171 in interest for each $1.00 invested
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Asked 10/19/2009 12:22:03 PM
Updated 240 days ago|7/6/2023 12:19:42 PM
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User: alculate the amount of interest on $2,000.00 for 4 years, compounding daily at 2.25 % APR. From the Monthly Interest Table use $1.094171 in interest for each $1.00 invested





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Expert answered|mrsweldy|Points 55|

User: alculate the amount of interest on $2,000.00 for 4 years, compounding daily at 2.25 % APR. From the Monthly Interest Table use $1.094171 in interest for each $1.00 invested



Question|Rated bad
Asked 10/19/2009 12:22:03 PM
Updated 240 days ago|7/6/2023 12:19:42 PM
1 Answer/Comment
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To calculate the amount of interest on $2,000.00 for 4 years, we need to use the given interest rate or APR (Annual Percentage Rate) and the compounding period.

Simple Interest:
If the interest is calculated using simple interest, the formula to calculate the interest is:
Interest = Principal × Rate × Time

In this case, the principal is $2,000.00, the time is 4 years, and the rate is not provided. Please provide the rate so that I can calculate the simple interest.

Compound Interest:
If the interest is compounded daily at an APR of 2.25%, we can use the compound interest formula:
Compound Interest = Principal × (1 + Rate/365)^(365 × Time)

In this case, the principal is $2,000.00, the time is 4 years, and the rate is 2.25% or 0.0225.

Let's calculate the compound interest:

Compound Interest = $2,000.00 × (1 + 0.0225/365)^(365 × 4)
Compound Interest = $2,000.00 × (1 + 0.00006164)^(1,460)
Compound Interest $2,000.00 × (1.00006164)^(1,460)
Compound Interest $2,000.00 × 1.094171

Using the given information from the Monthly Interest Table, we find that the interest for each $1.00 invested is $1.094171.

Therefore, the approximate amount of interest on $2,000.00 for 4 years, compounding daily at 2.25% APR, is:

Interest $2,000.00 × 1.094171
Interest $2,188.34

The amount of interest is approximately $2,188.34.
Added 240 days ago|7/6/2023 12:19:42 PM
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Find the average of the following salaries: $28,000.00, $29.000.00, $32,000.00, and $33,000.00.
Weegy: $28,000.00 + $29.000.00 + $32,000.00 + $33,000.00 = $122,000.00; $122,000/4 = $30,500.00 The average salary is $30,500.00 User: Find the average of the following salaries: $52,500.00, $53,500.00 $55,500.00, $56,500.00 Choose the best answer from the options below (More)
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=$218000.00/4
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Added 8/7/2014 12:15:17 AM
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Confirmed by andrewpallarca [8/7/2014 9:59:32 AM], Rated good by andrewpallarca
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Updated 12/14/2022 5:38:31 PM
1 Answer/Comment

The number represents three hundred two thousand twenty three is: 302,023.

Added 12/14/2022 5:38:26 PM
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Which of the following numbers represents three hundred two thousand twenty three?
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Updated 12/20/2022 1:22:22 PM
1 Answer/Comment
The following is the smallest number: 4/0 or 0.
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Subtract: 15 3 / 8 – 11 1/ 5 Write the answer in simplest form
Question
Updated 9/13/2014 1:52:34 PM
1 Answer/Comment
15 3 / 8 – 11 1/ 5

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Confirmed by andrewpallarca [9/13/2014 2:02:52 PM]
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Updated 123 days ago|10/31/2023 12:34:45 AM
1 Answer/Comment
0.078 equivalent fraction is 39/500.
Added 123 days ago|10/31/2023 12:34:43 AM
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