Factor the following
1 answer:
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Before we start answering the question, let's define the compound interest formula:
Where:
<span>'A'</span> is the amount of money in dollars
'P' is the principal amount of money in dollars
'r' is the interest rate (decimal)
'n' is the number of times interest is compounded per year
't' is the time in years
<span>(A) Find Principal Amount
</span><u /><span><u>Given:</u>
</span>A = 12,000
P = ?
r = 0.08
n = 2 (semiannually)
t = 5
Now we plug our values in and solve:
∴ You would have to deposit $8106.77 in order to have $12,000 in 5 years from now.
(B) Find Principal Amount
Same given values as above, with the exception of 't' which is now 10 instead of 5.
∴ You would have to deposit $5476.64 in order to have $12,000 in 10 years from now.
Hope this helps!
Where:
<span>'A'</span> is the amount of money in dollars
'P' is the principal amount of money in dollars
'r' is the interest rate (decimal)
'n' is the number of times interest is compounded per year
't' is the time in years
<span>(A) Find Principal Amount
</span><u /><span><u>Given:</u>
</span>A = 12,000
P = ?
r = 0.08
n = 2 (semiannually)
t = 5
Now we plug our values in and solve:
∴ You would have to deposit $8106.77 in order to have $12,000 in 5 years from now.
(B) Find Principal Amount
Same given values as above, with the exception of 't' which is now 10 instead of 5.
∴ You would have to deposit $5476.64 in order to have $12,000 in 10 years from now.
Hope this helps!
Answer:
Step-by-step explanation:
We are solving for in the equation:
First, isolate the variable term by subtracting from both sides of the equation:
Now, divide both sides of the equation by the coefficient of :
This solution for , as a decimal, would be non-terminating. If you divided
into
, you would get the non-terminating decimal of:
Therefore, our solution is:
-
We can check our solution by substituting for
in the initial equation:
Substitute:
Simplify :
Add:
Since both sides of the equation are equal, our solution is correct!