Answer: The amount is $14794.39 and the interest is $9794.39
Step-by-step explanation: If you deposit <em><u>$5000</u></em><u> </u>into an account paying <em><u>7.5%</u></em> annual interest compounded yearly , how much money will be in the account after <em><u>15 years</u></em>?
To find amount we use formula:
A-P(1+r/n) n*t
A = total amount
P = principal or amount of money deposited,
r = annual interest rate
n = number of times compounded per year
t = time in years
P=$5000, r=7.5, n=1 and, t=15 years
After plugging the given information we have
A= $5000 (1+0.075/1)^1.15
A= 5000 *1.075^15
A=14794.39
To find interest we use formula A=P+I'
since A= 14794.39 and P=5000
we have: A=P+I 14794.39=5000+I
I= 14794.39 -5000
I=9794.39
The sum formula for a geometric sequaence is:
sum(n) = a1(1-r^n)/1-r
Where n is the number of terms, a1 is the first term and r is the common ratio:
s(8) = 3(1-1/2^8) / (1-1/2)
s(8) = 3(1-1/256) / 1/2
s(8) = 2 253/256 / 1/2
s(8) = 765/128
The answer is C.
Answer:
— Use NerdWallet to find a better bank account. ... Compound interest is simple: It's the interest you earn on both your original deposit and on the ...
Step-by-step explanation:
Answer:
6
Step-by-step explanation: because its online
Answer:
shipping and handling is <u>18.90</u> dollars
Step-by-step explanation:
percent means "per one hundred", so any percent can be written as a fraction over 100
30% = 30/100 = 0.30
Multiply 0.30 with the price 63 to get 0.30*63 = 18.90, which is the cost of shipping only. This result is added on top of the 63 dollars to get the total cost.
