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grigory [225]
3 years ago
14

4. John Payer, owner of Payer's Garage, estimates he will need $55,000 for

Mathematics
1 answer:
Shalnov [3]3 years ago
8 0

Answer:

$29364.95

Step-by-step explanation:

The formula to apply is;

A=P(1+\frac{r}{n} )^{nt}

where ;

A=amount at the end

P=principal amount

r=rate of interest as a decimal

n=number of compoundings a year

t=total number of years

Given in the question

A=$55000

t=8 years

n=2

r=0.08

P=?

Substitute the values in the equation;

A=P(1+\frac{r}{n} )^{nt} \\\\\\55000=P(1+\frac{0.08}{2} )^{8*2} \\\\\\55000=P(1+0.04)^{16} \\\\\\55000=P(1.04)^{16} \\\\\\55000=1.8729P\\\\\\\frac{55000}{1.8729} =\frac{1.8729P}{1.8729} \\\\\\29364.95=P

Checking the answer

A=P(1+\frac{r}{n} )^{nt} \\\\\\A=29364.95(1+\frac{0.08}{2} )^{16} \\\\\\A=29364.95(1.04)^{16} \\\\\\A=55000

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Peter planted 5/12 of his garden with asparagus and 3/12 with beans.
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3 years ago
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Yakvenalex [24]

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7 0
4 years ago
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