Answer:
y=29
Step-by-step explanation:
y+12 - 12 = 41 -12
y=29
Selection D is the equivalent form of the given expression.
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The nominal annual interest rate in this problem is 40%. If it were compounded half-yearly, the formula would be x(1.2)^(2t) or x(1.44)^t. Apparently, this problem is more concerned with the equivalent form of the expression than it is with half-yearly compounding.
