For what values of x is the expression below defined?
1 answer:
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Answer: a) $481.62 b) $16,569.76
<u>Step-by-step explanation:</u>
The formula for compound interest is: where
- A is the accrued amount (balance)
- P is the principle (initial deposit)
- r is the rate (convert percentage into a decimal)
- t is the time (number of years)
Given: P = 3000, r = 1.15% (0.015), t = 10
Interest Earned = accrued amount - principle
= 3,481.62 - 3,000
= 481.62
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I couldn't remember the formula so I created a table:
2130 || 16324.89(1.015) | 0 || 16,569.76
