Consider the sequence of steps to solve the equation: 5(x - 3) = 7x 2 Step 1 ⇒ 10(x - 3) = 7x Step 2 ⇒ 10x - 30 = 7x Step 3 ⇒ 3x
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Answer:
We conclude that the total amount accrued, principal plus interest, from compound interest on an original principal of $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.
Step-by-step explanation:
Given
Principle P = $2500
Interest rate r = 5% = 0.05
Time period t = 8 years
To determine
Accrue Amount A = ?
Using the compound interest equation
where:
A represents the Accrue Amount
P represents the Principal Amount
r represents the interest rate
t represents the time period in years
n represents the number of compounding periods per unit t
Important tip:
- Given that the interest is compounded 6 times each year, therefore, the value of n = 6.
now substituting P = 2500, r = 0.05, t = 8 and n = 6 in the equation
∵
$
Therefore, we conclude that the total amount accrued, principal plus interest, from compound interest on an original principal of $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.