Tammy borrowed $5000 at a rate of 12% compounded monthly. Assuming she makes no payments, how much will she owe after 9 years?
1 answer:
Answer:
$14,644.63
Step-by-step explanation:
To solve this problem we can use the compound interest formula which is shown below:
<em>P = initial balance </em>
<em>r = interest rate </em>
<em>n = number of times compounded annually </em>
<em>t = time </em>
<em />
First change 12% into a decimal:
12% -> -> 0.12
Lets plug in the values:
Tammy will own $14,644.63 after 8 years,
You might be interested in
Answer:
The average weekly grocery bill per four-person family in the town is significantly different from the national average.
Step-by-step explanation:
We are given the following in the question:
Population mean, μ = $100
Sample mean, = $103.23
Sample size, n = 25
Alpha, α = 0.05
Sample standard deviation, s = $8.82
First, we design the null and the alternate hypothesis
We use Two-tailed t test to perform this hypothesis.
Formula:
Putting all the values, we have
Now,
Since,
We accept the null hypothesis.
We accept the null hypothesis and determine that the average weekly grocery bill per four-person family in the town is significantly same to the national average.