Solve 2+1^6y=3x+4 for y.
1 answer:
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Answer:
$8,240
Step-by-step explanation:
We are given that,
Principle amount in the savings account, P = $5,000.
Rate of interest, r = 5% = 0.05
Time period, t = 10
Also, the interest is compounded monthly, n = 12
As, we now that the value of the investment is given by
Thus, we have,
Investment Value =
i.e. Investment Value =
i.e. Investment Value =
i.e. Investment Value =
i.e. Investment Value = $8,240
Hence, the investment amount after 10 years is $8,240.
Answer:
Step-by-step explanation:
Since interest is compounded semi-annually (half a year or 6 months), in a spawn of 2 years, the interest will have been compounded 4 times. As given in the problem, each time the interest is compounded, the new balance will be 107% or 1.07 times the amount of the old balance.
Therefore, we can set up the following equation to find the new balance after 2 years: