So, there is an exponential growth formula you use.
First, write the initial cost which is
60,000
Then write 1+ the percentage of growth rate which is 0.04 percent. Then, right the time as an exponent after certain amount of years.
60,000(1+0.04)^10
60,000(1.04)^10
Plug this in a calculator
it should be 88814.6571
I hope this helps.
Answer:
7/2
Step-by-step explanation:
that's what I got but yaa hope it helps
Answer:
The amount of interest is $5580.
Step-by-step explanation:
Given : Jacob borrowed $30, 000 to start up his consulting business. The loan had simple interest rate of 6.2% for 3 years.
To find : The amount of interest he will pay with the loan ?
Solution :
Using interest formula,
![I=P\times R\times T](https://tex.z-dn.net/?f=I%3DP%5Ctimes%20R%5Ctimes%20T)
Where, P is the principal P=$30,000
R is the rate of interest R=6.2%=0.062
T is the time t=3 years.
Substitute the value in the formula,
![I=30000\times 0.062\times 3](https://tex.z-dn.net/?f=I%3D30000%5Ctimes%200.062%5Ctimes%203)
![I=5580](https://tex.z-dn.net/?f=I%3D5580)
Therefore, The amount of interest is $5580.