What is the rule for this pattern of numbers?
1 answer:
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Caiden's balance after 5 years would be $831
<u>Explanation:</u>
Given:
Principal, p = $475
Rate of interest = 3.8%
time, t = 15 years
Balance after 15 years = ?
We know:
where,
n = number of compounding periods
r = rate of interest
t = number of years
Substituting the value;
Therefore, Caiden's balance after 5 years would be $831