The amount compounded at a rate of 8% over a period of 6 years is $8,551.56
<h3>Compound Interest</h3>
The compound interest is the interest-based on the initial principal amount and the interest collected over the period of time. The formula for compound interest can be derived from the formula for simple interest. The formula for simple interest is the product of the principal, time period, and rate of interest (SI = ptr/100). Before looking into to derivation of the formula for compound interest, let us understand the basic difference between simple interest, compound interest computation. The principal remains constant over a period of time, for simple internet computation, but for compound interest computation the interest is added to the principal, for compound interest computation. The compound interest formula is given below:
A = P(1 + r/n)^nt
- Compound Interest
- P = principal
- r = rate
- n = number of times compounded
- t = time
Applying the formula of compound interest here;
A = 5300(1 + 0.08/12)^12 * 6
A = $8,551.56
Learn more on compound interest here;
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The first thing we should do is turn our mixed number into an improper fraction. To do this, you should multiply the whole number by the denominator, and then add the numerator and place it over the denominator.
Now our problem is 1/3+5/2. Now, we need to find the least common denominator, which is the lowest proportion where these fractions have the same denominator.
Here, we will just multiply the numerator and denominator by 2 and 3, respectively
1/3+5/2 = 2/6+15/6
Now, it is as simple as adding the numerators.
2/6+15/6=17/6
No simplification is needed, so we know this expression is equal to 17/6 or 2 5/6.
Answer:
There you go mate!
Step-by-step explanation:
70% × 413 =
(70 ÷ 100) × 413 =
(70 × 413) ÷ 100 =
28,910 ÷ 100 =
289.1
Proof
289.1 ÷ 413 =
0.7 =
0.7 × 100/100 =
0.7 × 100% =
(0.7 × 100)% =
70%
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Answer: idk sorry
Step-by-step explanation: