The function C(g) represents the cost to produce g gallons of chocolate chunk ice cream. Interpret the meaning of the statement:
1 answer:
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Answer: $ 82,531.59.
Step-by-step explanation:
Formula to calculate the accumulated amount compounded daily:
,where P=principal amount, t=time ( in days ), r =rate of interest.
Given: P= $51,123.21
r =
t= 20 years 2 months
[1 year = 365 days, 1 year = 12 months]
Substitute all values in the formula, we get
hence, future value = $ 82,531.59.
The formula for compounded interest in this type of equation is:
where A is the amount at the end of the time period, P is the principal amount you start with, R is the interest rate, N is the amount of compound periods, and T is the time allotted for the money to gain interest.
P = 5000, R = 3% or 0.03, N = monthly so 12, T = 2 years
Plug in our given information into the equation:
Let the calculator do the work here...
A ≈ 5308.785 which rounds to A ≈ 5308.79
Option A is your answer.