HELP!
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Answer:
<em>A = $5183.36</em>
Step-by-step explanation:
<u>Compound Interest</u>
It occurs when the interest is reinvested rather than paying it out. Interest in the next period is then earned on the principal sum plus previously accumulated interest.
The formula is:
Where:
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
Abdul deposited P=$4000 into an account with r=2.6% = 0.026 compounded quarterly. Since there are 4 quarters in a year, n=4. We are required to calculate the amount in the account after t=10 years.
Applying the formula:
A = $5183.36
In the given question , we have a function given , which is
And we need to find the value of y when x=5.
So we substitute 5 for x and solve for y, that is
And on rounding to the nearest tenths, we will get
So when x=5, y=0.4