The equation for this is:
F = P(1+i)ⁿ
where
F is the present accounts balance
P is the initial deposit
i is the interest rate
n is the number of months
The interest rate is nominal which is 2.9% per year compounded monthly. Since there are 12 months in a year, that is equal to an effective interest rate of 0.24167% per month compounded monthly (i = 0.0024167). In 9 years, there are a total of 108 months, so n=108.
<span>$2033.88 = P(1+0.0024167)</span>¹⁰⁸
P = $1567.147
Answer:
i think it is all ready in standard form
is the original number 0.000000423 if yes then it is in standard form
Answer:
x= -6,-12
Step-by-step explanation:
<span>n = n0(1 - 0.08)^t
= n0(0.92)^t
Putting n = n0 / 2:
1 / 2 = 0.92^t
t = log(1 / 2) / log(0.92)
= 8.31 yr.</span><span>
</span>