Round the fraction 7 4/5 to the nearest whole number.
2 answers:
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It will take 54 days for Teri's account to earn an amount of $5000.
<h3>What is compound interest?</h3>Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.
It occurs when interest is reinvested, or added to the loaned capital rather than paid out, or when the borrower is required to pay it, so that interest is generated the next period on the principal amount plus any accumulated interest. In finance and economics, compound interest is common.
It is given by formula
A =
where:
A is final amount
p is principal amount
r is rate of interest and
t, is time period
Given: A= $5000, p=$1500, r=2.25% = 0.0225
To find: time period to get compounded amount
5000=1500×
=
0.0225t = ㏑ ()
t = 53.5099 ≈ 54 days
Learn more about compound interest here:
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Answer:
Step-by-step explanation:
← Equation 1
By simplifying the above equation we get,
(Simplifying the brackets)
(By subtracting
from
) ← Equation 2
Multiply Equation 1 by 5 and Equation 2 by 3 and add them together.
Equation 1 multiplied by 5 will give,
Equation 2 multiplied by 3 will give,
Add those together,
(After simplifying
values)
Therefor
By substituting to Equation 1 we get,
Therefor we can say,