Firstly, solve the effective annual interest (ieff) with the equation,
ieff = (1 + i/m)^m -1
where i is the interest rate and m is the number of times the interest is compounded in a year. In this problem, m is 12
Substituting the values,
ieff = (1 + 0.034/12)^12 - 1 =0.03453
To solve for the future (F) amount of the present investment (P),
F = P x (1 + ieff)^n
where n is number of years.
F = ($742) x (1 + 0.03453)^15
Thus, the answer is $1234.76.
Answer:
There are 31 students in the class.
Step-by-step explanation:
Answer:
5(2+8)+(12-6/3)2
5(10)+(12/1-6/3)2
50+(36/3-6/3)2
50+(30/3)2
50+60/3
50+20
70
Step-by-step explanation:
