The compound interest is applied to the remaining balance in the account
each subsequent year.
- The amount that must be deposited is approximately <u>$620.07</u>
Reasons:
The given compound interest rate, r = 6.25% = 0.0625
The balance in the account after 2 years, A = $700
Required:
The required deposit, <em>P</em>, that gives the given account balance after 2 years.
Solution:
The following is the compound interest formula to use;
Where;
t = 2 years
We get;
Which gives;
- The amount that must be deposited to give $700 after 2 years is P ≈ <u>$620.07</u>
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All of my teachers have told me that everyone remembers things best in groups of seven. so I would suggest to pick a continent and start in a corner and spend a couple of days studying seven countries in that area. also quiz your self every once in a while for extra help.
I hope this helps you
3b) 4 tickets/$16 = 0.25 tickets/$1
4a & 4b) You didn’t provide a photo of the problems that I need to solve them
4c) ($4/1 ticket) x (1000 tickets) = $4000
The number of practice hours per week for Maranda's piano recital is 13 hours
Overall practice hours = 52 hours
Number of weeks of practice = 4 weeks
Since, the number of practice hours per week is the same ;
Number of hours practiced each week can be obtained by dividing the overall practice hours by the number of weeks of practice.
Number of practice hours per week = Overall practice hours ÷ Number of weeks of practice
Number of practice hours = (52 ÷ 4) = 13 hours
Therefore, Marana practiced for 13 hours each week.
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