Answer:
4+4+15+15 that will show you the answer of the area
Answer:
The value of the 3 in 63 is 3 ones 1+1+1
Step-by-step explanation:
The reason for this is because it is in the ones place
if the person leaves the money in the bank, the time it will take for it to reach the given final amount is 6.3 years.
<h3>What is an interest in banking?</h3>
Interest is simply the amount of money a lender or financial institution receives for lending out money or pays for receiving money.
The formular for calculating compound interest is expressed as;
A = P(1 + r/n)^(n*t)
Where A is final amount, P is initial principal balance, r is interest rate, n is number of times interest applied per time period and t is number of time periods elapsed.
Given the data in the question;
- Initial principal balance P = $4000
- Interest rate r = 5.5% anuually = 5.5/100 = 0.055
- Final amount A = $5600
- Time t = ?
We substitute our given values into the expression above.
A = P(1 + r/n)^(n*t)
5600 = 4000(1 + 0.055/1)^(1*t)
5600 = 4000( 1.055 )^t
( 1.055 )^t = 5600 / 4000
( 1.055 )^t = 1.4
We take log of each sides
0.02325t = 0.1461
t = 0.1461 / 0.02325
t = 6.3
Therefore, if the person leaves the money in the bank, the time it will take for it to reach the given final amount is 6.3 years.
Learn more about compound interest here: brainly.com/question/27128740
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Answer:
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Step-by-step explanation: