6ab-8ab how do you simplify this monomials
1 answer:
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Answer:
$1,109.62
Step-by-step explanation:
Let's first compute the <em>future value FV.</em>
In order to see the rule of formation, let's see the value (in $) for the first few years
<u>End of year 0</u>
1,000
<u>End of year 1(capital + interest + new deposit)</u>
1,000*(1.09)+10
<u>End of year 2 (capital + interest + new deposit)</u>
(1,000*(1.09)+10)*1.09 +10 =
<u>End of year 3 (capital + interest + new deposit)</u>
and we can see that at the end of year 50, the future value is
The sum
is the <em>sum of a geometric sequence </em>with common ratio 1.09 and is equal to
and the future value is then
The <em>present value PV</em> is
rounded to the nearest hundredth.
Answer:
Interest earned at 3.9 percent rate is $31.2
Interest earned at 2 percent rate is $5.8
Step-by-step explanation:
A = P(1 + rt)
Where 'A' is the amount, 'r' is the rate and 't' is the time in years
When;
P = $1200
r = 3.9%
t = years
Then,
A = $1200(1 + 0.039())
A = $1200 + $31.2 = $1231.2
Interest = Amount - Principal
Interest earned at 3.9 percent rate is $1231.2 - $1200 = $31.2
When;
P = $580
r = 2%
t = years
Then,
A = $580(1 + 0.02())
A = $580 + $5.8 = $585.8
Interest earned = Amount - Principal
Interest earned at 2 percent rate = $585.8 - $580 = $5.8