Your Principal, P, is $400. Your interest rate, expressed as a decimal, is 0.03. Here, n is 1, since there is just 1 compounding period per year.
How much would you have after 16 years under such circumstances?
A = Amount = $400(1+0.03)^16. => $400 (1.03)^16 = $400(1.60)
Thus, you would have accumulated $641.88 after 16 years. Sounds like a pretty good deal to me. ;)
Answer:
5:24
Step-by-step explanation:
Given data
3 by 5
=3*5
=15
8 by 9
=8*9
=72
Hence the ratio is
15:72
Equivalent to
5:24