Sure, let's break it down step by step:

1. **Initial Amount (Principal):** $1000
2. **Interest Rate:** 20% per year
3. **Compounding Frequency:** Once per year

The formula for compound interest is:
$$ A = P \left(1 + \frac{r}{n}\right)^{nt} $$

Where:
- $ A $ is the amount of money accumulated after n years, including interest.
- $ P $ is the principal amount (the initial amount of money).
- $ r $ is the annual interest rate (decimal).
- $ n $ is the number of times that interest is compounded per year.
- $ t $ is the time the money is invested for in years.

Given the values:
- $ P = 1000 $
- $ r = 0.20 $ (20% as a decimal)
- $ n = 1 $ (compounded once per year)
- $ t = 1 $ year

Plug these values into the formula:
$$ A = 1000 \left(1 + \frac{0.20}{1}\right)^{1 \times 1} $$
$$ A = 1000 \left(1 + 0.20\right) $$
$$ A = 1000 \left(1.20\right) $$
$$ A = 1200 $$

So, at the end of the year, you will have $1200.

Question

Sure, let's break it down step by step:

1. **Initial Amount (Principal):** $1000
2. **Interest Rate:** 20% per year
3. **Compounding Frequency:** Once per year

The formula for compound interest is:
$$ A = P \left(1 + \frac{r}{n}\right)^{nt} $$

Where:
- $ A $ is the amount of money accumulated after n years, including interest.
- $ P $ is the principal amount (the initial amount of money).
- $ r $ is the annual interest rate (decimal).
- $ n $ is the number of times that interest is compounded per year.
- $ t $ is the time the money is invested for in years.

Given the values:
- $ P = 1000 $
- $ r = 0.20 $ (20% as a decimal)
- $ n = 1 $ (compounded once per year)
- $ t = 1 $ year

Plug these values into the formula:
$$ A = 1000 \left(1 + \frac{0.20}{1}\right)^{1 \times 1} $$
$$ A = 1000 \left(1 + 0.20\right) $$
$$ A = 1000 \left(1.20\right) $$
$$ A = 1200 $$

So, at the end of the year, you will have $1200.

Knowee AI · Accepted Answer

Sure, let's break it down step by step:

1. **Initial Amount (Principal):** $1000
2. **Interest Rate:** 20% per year
3. **Compounding Frequency:** Once per year

The formula for compound interest is:
$$ A = P \left(1 + \frac{r}{n}\right)^{nt} $$

Where:
- $ A $ is the amount of money accumulated after n years, including interest.
- $ P $ is the principal amount (the initial amount of money).
- $ r $ is the annual interest rate (decimal).
- $ n $ is the number of times that interest is compounded per year.
- $ t $ is the time the money is invested for in years.

Given the values:
- $ P = 1000 $
- $ r = 0.20 $ (20% as a decimal)
- $ n = 1 $ (compounded once per year)
- $ t = 1 $ year

Plug these values into the formula:
$$ A = 1000 \left(1 + \frac{0.20}{1}\right)^{1 \times 1} $$
$$ A = 1000 \left(1 + 0.20\right) $$
$$ A = 1000 \left(1.20\right) $$
$$ A = 1200 $$

So, at the end of the year, you will have $1200.

Question 3If you put $1000 into an account with a 20% interest rate, how much money will you have at the end of the year if interest is compounded ONCE per year?1 point

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