Isabel deposits $6,000 into an account that earns 1.5% interest compounded monthly. assuming no more deposits and no withdrawals
are made, how much money is in the account after 4 years? compound interest formula: t = years since initial deposit n = number of times compounded per year r = annual interest rate (as a decimal) p = initial (principal) investment v(t) = value of investment after t years
2 answers:
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Answer:
$16.50
Explanation:
Note: The complete question is attached as picture below
We know that there is a total of 90 units of oil and 30 units is consumed in period 0.
So, in period 1, the consumption amount will be = 90-30=60 units.
So, Q1 = 192 - 8P
For 60 units, the price will be 60 = 192 - 8P
8P = 192 - 60
8P = 132
P = 132 / 8
P = 16.5
So, the price in period 1 is $16.50
