Answer:
If using simple interest, the formula is:
= Amount * ( 1 + rate * time)
= 20,000 * ( 1 + 4% * 5)
= $24,000
Interest = Balance after 5 years - Investment
= 24,000 - 20,000
= $4,000
Using Compound Interest:
= Amount * ( 1 + rate)^time
= 20,000 * ( 1 + 4%)⁵
= $24,333.06
Interest = 24,333.06 - 20,000
= $4,333.06
He used an incorrect time ratio converting hours to minutes.
What is the full question ?
29/5 is 5.8 5.8 dividen by 9 1/2 is 0.61052631578
Hope this helps! Have a great day!!!
