3 years ago

5. Michelle and her 2 pets moved into a new apartment. The management charges a non-

Mathematics

1 answer:

zhenek [66]3 years ago

4 0

Answer:4 months

Step-by-step explanation:

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Julli [10]

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Suppose that $9500 is placed in an account that pays 8% interest compounded each year.

Blababa [14]

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$9500\\ r=rate\to 8\%\to \frac{8}{100}\dotfill &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{each year, thus once} \end{array}\dotfill &1\\ t=years\dotfill &1 \end{cases}$

$\bf A=9500\left(1+\frac{0.08}{1}\right)^{1\cdot 1}\implies A=9500(1.08)\implies \boxed{A=10260} \\\\\\ \stackrel{\textit{after 2 years, t = 2}}{A=9500\left(1+\frac{0.08}{1}\right)^{1\cdot 2}}\implies A=9500(1.08)^2\implies \boxed{A=11080.8}$