Andy and Elizabeth each rounded 2,639,456 to the nearest ten-thousand. Andy got 2,640,000. Elizabeth got 2,630,000. who is corre
2 answers:
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Answer:
a) 13913
b) 4913.82
Step-by-step explanation:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
In this question:
Investment of 9000, so
Interest rate of 8%, so
Compounded quarterly, so
5 years and 6 months, that is, 5 years and half, so
(a) How much would the value of her savings at the end of the term?
(b) How much is the interest earned by your savings?
The amount subtracted by the principal. So
13913.82 - 9000 = 4913.82
Answer:
$4.
Step-by-step explanation:
Let us assume that Pete and Teegan each put an amount of $P in a new bank account.
Teegan's account earns 2.75% simple interest and she earned $2.20 in interest after one year.
So, we can write
⇒ P = $80
Now, this $80 in Pete's account earns 5% simple interest.
Then after one year Pete will earn as interest Dollars. (Answer)