Answer:
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
Nine fifths is equalized to 1.8
7 7/8= 63/8
3 1/4= 13/4
63/8 -13/4 we bring to the same denominator
(63-26)/8= 37/8