Answer:
$3,623.84 Exact answer without rounding | $3,623.85 ~ (Approximent Answer with rounding.)
Step-by-step explanation:
Compound Interest Has a Specific Formula:
This case is Exponential Growth.
Formula: y= ab^x
You need to set up the equation.
First we need to define the rate of growth meaning what do you have to do for the 6.5%.
You need to do 100% + 6.5% = 106.5%
You need to convert the percent to a decimal which will be 1.065
Now we need to start plugging things into our formula to solve.
Your initial Starting amount was $3000
So you need to have y=3000(b)^x
We now know that the rate of growth is 1.065 so the b would be 1.065
y=3000(1.065)^x
Our power to x is our 3.5 years.
Our Equation now:
y=3000(1.065)^3
Now you need to use a calculator to do this due to the amount of decimals and digits.
Remember pemdas when doing this!!!
The answer should result to $3,623.84 but if rounded then: $3,623.85
Step-by-step explanation:
Answer:
Option b
Step-by-step explanation:
We have a compound interest problem. With an annual interest rate of 0.675 and an initial payment of 8500, with t = 25 years
Then you must use the annual compound interest formula, which is represented by a growing exponential function:
Where:
h is the interest rate of 0.675
y is the money in the savings account as a function of time
Then substitute the values in the formula and we have:
Answer:
ss
Step-by-step explanation:
