Arrange the steps in the correct order to perform this subtraction problem.
2 answers:
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Answer:
Step-by-step explanation:
Use this formula for when compounding is either not continuous or is not annually:
where P is the initial investment, r is the interest rate in decimal form, n is the number of times the compounding occurs per year, and t is the time in years. For us:
P = 5200,
r = .046,
n = 365, and
t = 11
and
and
and
A(t) = 5200(1.658408042) so
A(t) = $8623.72