Suppose that $1200 is invested at 612%, compounded quarterly. How much is in the account at the end of 5 years?
1 answer:
Answer:
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above
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(You go from left to right)
(Dividend is 931, divisor is 7)
Step 1: Look for a number smaller than 9 that is divisible by 7. 7 is the only one which is smaller than 9 and is divisible by 7. Now that you know 7*1=7, you put 1 above 931 (Dividend)
Step 2: You subtract that number from the number in tens place. And bring the leftover down.
Step 3: You repeat Step 1 and 2 until either you get a remainder of 0 or the remainder in smaller than the divisor (in this case 7)
(Therefore 931/7=133, quotient=133, remainder=0)
^Hope this helps.
(Dividend is 931, divisor is 7)
Step 1: Look for a number smaller than 9 that is divisible by 7. 7 is the only one which is smaller than 9 and is divisible by 7. Now that you know 7*1=7, you put 1 above 931 (Dividend)
Step 2: You subtract that number from the number in tens place. And bring the leftover down.
Step 3: You repeat Step 1 and 2 until either you get a remainder of 0 or the remainder in smaller than the divisor (in this case 7)
(Therefore 931/7=133, quotient=133, remainder=0)
^Hope this helps.