Answer:
The digit in the ten thousand place is 4 in 542,970
Step-by-step explanation:
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Answer:
P = 300
r = 0.15
n = 12
A(t) = 300(1.0125)^12t
Step-by-step explanation:
Given that:
Total credit taken for book purchase = $300
Annual Interest rate = 15% compounded monthly
Time or period = 4 years
P(1 + r/n)^nt
P in the expression above means the principal amount which is the total credit spent on book purchase = $300
r = annual interest rate on Emma's account = 15% = 15/100 = 0.15
n = number of compounding times per period ; loan which compounds monthly = number of months in a year = 12
Hence,
P = $300 ; r = 0.15 ; n = 12
Substituting into the equation :
P(1 + r/n)^nt
Simplified expression written in terms of t:
Final amount, A after t years
A(t) = 300(1 + 0.15/12)^12t
A(t) = 300(1 + 0.0125)^12t
A(t) = 300(1.0125)^12t
In order to compare you must multiply the the bottom two by each other and then multiply the top one by the same number you multiplied the bottom one by. The answer is not equal because the first fraction is 6/15 and the second is 5/12.
