One thousand dollars is invested in a savings account that pays 9% interest per year. The interest earned after the first year is added to the account. How much interest is earned on the new principal the following year?

Question

25-11-2016
Mathematics

contestada

One thousand dollars is invested in a savings account that pays 9% interest per year. The interest earned after the first year is added to the account. How much interest is earned on the new principal the following year?

Respuesta :

Otras preguntas

Two guy wires are used to help stabilize this pole. If the ground distance between the pole and one of the guy wires is 6 feet and the angle of the wire to the

No Browsing History While using the browser on your tablet, you realize that it is not keeping a history of websites you have visited. Why might this be happeni

Which key figure in the Counter- Reformation founded many convents to promote education? A) Teresa of Avila B) Dante C) John Tetzel D) Isabella d’Este

The world’s four major trading currencies, the Japanese yen, the U.S. dollar, the British pound, and the European Union’s euro, are all free to float against ea

How would you sell me a computer? What would you say

A new brand of peanut butter cookies includes Hershey's Kisses chocolates on top. Which of the following is this new brand using in an attempt to gain from the

Every valid argument with true premises has a true conclusion. Rewrite the above statement in the form V[x] x, if [y] then [z] (where each of the second and thi

Which of the following code correctly registers a handler with a button btOK?a. btOK.setOnAction(e -> System.out.println("Handle the event"));b. btOK.setOnAc

how did the columbian exchange affest the african people

metchelle metchelle · Answer 1 · 2016-11-26T15:19:57+01:00

In order to solve this problem, the first thing we are going to do is find out how much is 9% of 1000, since 9% is the interest per year. So 0.09 x 1000 and that would be 90. And since the interest earned is added to the account, the account will now have a total of $1090 which is now the new principal. Based on this new principal, we need to know the 9% of it again to know how much interest in earned in the following year. So that would be 0.09 x 1090 and the result is $98.10. Hope this answer helps.