Nearest hundredth of 118
2 answers:
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Using <span>Compound interest formula:
</span>
<span><span>The exponential function for calculating the amount of money after <span>t <span>years, <span>A<span>(<span>t<span>), where<span> P <span>is the initial amount or principal, the annual interest rate is <span>r <span>and the number of times<span> interest is compounded per year is n, is given by
</span></span></span></span></span></span></span></span></span></span></span></span>
</span><span>from the given information:
p = 2,310 , r = 0.035 ,
</span><span>compounded daily ⇒⇒⇒ n =365
To calculate the time : </span>deposited April 12 and withdrawn July 5<span>
t = 2 months and 23 days = 83 days = 83/365 years
∴ n t = 365 * 83/365 = 83
Amount = </span>
<span>
= 2,328.46
</span>The interest earned = <span><span>2,328.6458</span> - 2,310 = 18.46
</span>
</span>
<span><span>The exponential function for calculating the amount of money after <span>t <span>years, <span>A<span>(<span>t<span>), where<span> P <span>is the initial amount or principal, the annual interest rate is <span>r <span>and the number of times<span> interest is compounded per year is n, is given by
</span></span></span></span></span></span></span></span></span></span></span></span>
</span><span>from the given information:
p = 2,310 , r = 0.035 ,
</span><span>compounded daily ⇒⇒⇒ n =365
To calculate the time : </span>deposited April 12 and withdrawn July 5<span>
t = 2 months and 23 days = 83 days = 83/365 years
∴ n t = 365 * 83/365 = 83
Amount = </span>
<span>
</span>The interest earned = <span><span>2,328.6458</span> - 2,310 = 18.46
</span>