What value of r makes the equation true? r 0.12 = 0.20
1 answer:
You might be interested in
Answer: $943.11
<u>Step-by-step explanation:</u>
Compound Interest formula is: where
- A is the Accrued amount (total earned)
- P is the Principal (amount initially invested)
- r is the interest Rate (convert percent to a decimal)
- t is the Time (number of years)
It is given that; P = 800 r = 4.2% (0.042) t = 4
A = 800(1 + 0.042)⁴
A = 800(1.042)⁴
A = 943.106 → A = 943.11 (rounded to the nearest penny)
Sarah invested $800 for four years at an interest rate of 4.2% and accrued $943.11