The effective annual interest rate is:
i = (1 + 0.064/12)^12 - 1 = 0.066
In year 1: the interest is $613.80 (multiple $9300 by 0.066)
In year 2: the interest is $654.31 (add interest from year 1 to $9300 and multiply by 0.066)
In year 3: the interest is $656.98 (do the same as year 2)
In year 4: the interest is $657.16
The total interest is: $2582.25
The present worth of this amount is:
P = 2582.23 / (1 + 0.066)^4 = $1999.72
The answer is $1999.72.
Answer:
y² + 8y + 16
Step-by-step explanation:
Given
(y + 4)²
= (y + 4)(y + 4)
Each term in the second parenthesis is multiplied by each term in the first parenthesis, that is
y(y + 4) + 4(y + 4) ← distribute both parenthesis
= y² + 4y + 4y + 16 ← collect like terms
= y² + 8y + 16
Answer: 4 ÷ 0.96 = 4.16666666667
Step-by-step explanation:
