A large diamond with a mass of 712.04 grams was recently discovered in a mine. if the density of the diamond is 3.51 grams over
1 answer:
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Check the image below for working
Check the image below for working
$7881.18
Step-by-step explanation:
Let the initial Investment be . The Interest is compounded on a monthly basis at 12% annual interest rate. After 17 years, the Investment amounts to $60,000.
As the annual interest rate is 12%, the monthly interest rate is 1%.
Since this is a compound interest problem, the total amount can be modeled as follows:
Here is the interest rate, i.e
, and t is the number of time periods, i.e
=
∴ Initial Investment = $7881.18