The formula for calculating compound interest with yearly contributions is:
Balance = X*(1 + Y)^n + Z((1 + Y)^(n + 1) - (1 + Y)/Y)
where the balance is the money earned after n years invested
Y is the interest rate as a fraction
Z is the yearly contribution
X is the starting investment
Therefore the calculation for this example is:
Balance = 1200*(1 + 0.05)^48 + 1200((1.05)^49 - (1.05)/05)
= $249,393.5
Answer: 0.648637
Explanation:
e^3x = 3 + 4
e^3x = 7
3x = In (7)
X = 0.648637
Answer:
(0,−4)
Step-by-step explanation:
2 tens, 4 ones, 3 tenths, 5 hundredths, 7 thousandths
Answer:
8.1% decrease
Step by step
To find precentage decrease we use formula:
Percent decrease= original amount-new amount/original amount(100%)
percent decrease= 7,400-6,800/7,400(100%)=300/37=8.1%
