A music store holds a half-price sale on all cds. during the sale, people buy more cds than usual. what does this event show?
1 answer:
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Compound Interest =
where P - Principal
r - rate of interest
n - number of years
So, for 5 years, at 6% rate of interest, for the principal 12,000, the compount interest will be
= 24000
Amount = Principal + C.I.
= 12000 + 24000
= 36000
Hence, after 5 years, the amount will be $36,000 approximately.
Doubling every 3 years, meaning 200% every 3 years.
The answer is 24 years.
Hope this helps. - M
The answer is 24 years.
Hope this helps. - M