Question

Identify values of, P, r, n, and t for the following compound interest problem and use those values and the following compound interest balance function to answer the question. B left parenthesis t right parenthesis equals P times open parentheses 1 plus r over n close parentheses to the power of n times t end exponent What would be the balance in Marty’s account after 5.75 years if he initially deposited $1,500 and his bank paid him compound interest at an annual rate of 4.8%, compounded monthly?

Answer 1

P, r, n, and t for the following compound interest problem and use those values and the following compound interest balance function :- p=20 , r=8 , n=64 , t=4 year

what is compound interest?

Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit. It occurs when interest is reinvested, or added to the loaned capital rather than paid out, or when the borrower is required to pay it, so that interest is generated the next period on the principal amount plus any accumulated interest. In finance and economics, compound interest is common.

In contrast to simple interest, which does not compound since past interest is not added to the principal for the current period, compound interest allows interest to build over time. The interest per period multiplied by the number of periods in a year yields the simple annual interest rate.

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