To find the total amount, you will use the formula for finding compounded interest. This means you will be paid interest on top of the interest you have earned each year.
A = P(1 + r)^nt
P stands for the principal.
r is the interest rate when compounded annually
nt is the number of years
A = 17.50(1 + 0.04)^25
A = $46.65
This person would have $46.65 after 25 years.
Answer:
Yes
Step-by-step explanation:
2/5 + 3/4 = [2(4) + 3(5)]/20
= 23/20 = 1 3/20
1 3/20 = 1 9/60
1 1/6 = 1 10/60
1 1/6 > 1 3/20
Answer:
2 000 miles
Step-by-step explanation:
In the first year, Mr James travels 8 x
miles = 8 000 miles.
The second year, he traveled 1 x
miles = 10 000 miles.
Comparing the distance covered in the two years,
10 000 miles - 8 000 miles = 2 000 miles
Therefore, Mr James travels 2 000 more miles in the second year than he did the first year.
Let's assume that Mr James conveys himself to his place of work all through the first year in his private car. But in the second year, there were some days in which the car was not available. So he had to go for his job by public transportation. This itch during those days, could cause an increase in the distance covered from his home to his place of work for the second year.