Ciara solved the exponential equation 3x+1 = 15 and her work is shown below. What is the first step she did incorrectly? (3 poin
1 answer:
You might be interested in
Answer:
7.87 years
Step-by-step explanation:
#First we determine the effective annual rate based on the 9% compounded semi annual;
#We then use this effective rate in the compound interest formula to solve for n. Given that the principal doubles after 2 yrs:
Hence, it takes 7.87 years for the principal amount to double.
Answer:
$ 1,060.00
Step-by-step explanation:
A = $ 1,060.00
A = P + I where
P (principal) = $ 1,000.00
I (interest) = $ 60.00
Compound Interest Equation
A = P(1 + r/n)^nt
Where:
A = Accrued Amount (principal + interest)
P = Principal Amount
I = Interest Amount
R = Annual Nominal Interest Rate in percent
r = Annual Nominal Interest Rate as a decimal
r = R/100
t = Time Involved in years, 0.5 years is calculated as 6 months, etc.
n = number of compounding periods per unit t; at the END of each period
