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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Expert answered|mrsweldy|Points 55|

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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.

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)

Question

Expert Answered

Updated 8/7/2014 9:58:43 AM

1 Answer/Comment

Find the average of the following salaries: $52,500.00, $53,500.00 $55,500.00, $56,500.00 is $ 54500.00.

($52,500.00+ $53,500.00+ $55,500.00+$56,500.00 )/4

=$218000.00/4

=$54500.00

($52,500.00+ $53,500.00+ $55,500.00+$56,500.00 )/4

=$218000.00/4

=$54500.00

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

- 56 ÷ - 8 = ?
**Weegy:** (-56) ÷ (-8) = 7 **User:** -72 ÷ - 9 = ?
**Weegy:** -72 ÷ - 9 = 8 **User:** -3 + -3 = ? **Weegy:** -3 + -3 = -6 **User:** Which of the following numbers represents three hundred two thousand twenty three? (More)

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

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Expert Answered

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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Expert Answered

Updated 12/20/2022 1:22:22 PM

1 Answer/Comment

The following is the smallest number: 4/0 or 0.

Added 12/20/2022 1:22:20 PM

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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

= 123/8 - 56/5;

= 615/40 - 448/40;

= 167/40;

= 4 7/40

= 123/8 - 56/5;

= 615/40 - 448/40;

= 167/40;

= 4 7/40

Added 9/13/2014 1:52:34 PM

This answer has been confirmed as correct and helpful.

Confirmed by andrewpallarca [9/13/2014 2:02:52 PM]

Which of the following is the fractional equivalent to 0.078? **Weegy:** (More)

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Expert Answered

Updated 123 days ago|10/31/2023 12:34:45 AM

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0.078 equivalent fraction is 39/500.

Added 123 days ago|10/31/2023 12:34:43 AM

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38,923,710

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