Answer:
$13,695.98
Step-by-step explanation:
We can use the continuous compound interest formula to solve:
<em>P = principal amount</em>
<em>r = interest rate (decimal)</em>
<em>t = time (years)</em>
<em />
First, lets change 8% into a decimal:
8% -> -> 0.08
Now, lets plug in the values:
The account balance after 10 years will be $13,695.98
I'm not sure if this is the easiest way of doing this, but it surely work.
Let the base of the triangle be AB, and let CH be the height. Just for reference, we have
Moreover, let CH=y and BC=z
Now, AHC, CHB and ABC are all right triangles. If we write the pythagorean theorem for each of them, we have the following system
If we solve the first two equations for y squared, we have
And we can deduce
So that the third equation becomes
(we can't accept the negative root because negative lengths make no sense)