A taxi service charges an initial $5 fee, plus $2 per mile driven. A Write an equation to represent the situation. B. How much i
2 answers:
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Answer:
$5,909.97
Step-by-step explanation:
We will use the compound interest formula for this problem as shown below:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 3.6% into a decimal:
3.6% -> -> 0.036
Now plug in the values:
After 2 years, the balance would be $5,909.97