Answer:
x = -7
Step-by-step explanation:
To find the value of x, you need to set up a proportion:
=
Then cross multiply:
15x - 15 = 18x + 36
Then subtract 15x from both sides:
-15 = 3x + 36
Subtract 36 from both sides:
-51 = 3x
Finally, divide both sides by 3:
x = -7
Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. The account balance after a period of 5 years will be $1.63634×10²⁰.
<h3>What is compound interest?</h3>Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. It's the outcome of reinvesting interest rather than paying it out so that interest is received on the principal plus previously collected interest in the next quarter.
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
Given the principal amount is $12,385, the rate of interest is 7.5%, and the time period is daily. Therefore, the amount can be written as,
Hence, the account balance after a period of 5 years will be $1.63634×10²⁰.
Learn more about Compound Interest:
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