F = P(1+i)ⁿ where F is the present accounts balance P is the initial deposit i is the interest rate n is the number of months
The interest rate is nominal which is 2.9% per year compounded monthly. Since there are 12 months in a year, that is equal to an effective interest rate of 0.24167% per month compounded monthly (i = 0.0024167). In 9 years, there are a total of 108 months, so n=108.
<span>$2033.88 = P(1+0.0024167)</span>¹⁰⁸ P = $1567.147
and This means that Kayle found 10 eggs while Kevin found 5 eggs. so 20-(10+5)= 5 eggs left. To find the fraction, divide the number of eggs left over the number of total eggs.
