Step-by-step explanation:
The formula for compound interest is
P = I (1 + r/n)^nt
where
P: the total amount of money in the account after a certain amount of time
I: the principal amount
r: the interest rate as a decimal
n: the number of times a year interest is compounded
t: the number of years passed
For Patrick:
P = 200 (1 + 0.02/12)^12*8
P = 200 (1 + 0.00166667)^96
P = 200 (1.00166667)^96
P = 200 * 1.00166667^96
P = $234.67
For Brooklyn:
P = 200 (1 + 0.04/4)^4*8
P = 200 (1 + 0.01)^32
P = 200 (1.01)^32
P = 200 * 1.01^32
P = $274.99
After 8 years, Patrick has $234.67 and Brooklyn has $274.99
Answer:
20
Step-by-step explanation:
Half (50%) of 20 is 10
Answer:
Our score = 0.60, Amanda's score = 0.25
Step-by-step explanation:
For Amanda
μ = 15 , σ = 4
z- score for X = 16 is (From z table)
z = (X - μ)/σ = (16 - 15)/4 = 0.25
For us
μ = 310 , σ = 25
z score for X = 325 (From z table)
z = (325-310)/25 = 0.60
Since our z score is better than Amanda's z score, we can say we did better