Answer:
her salary after 8 years is $26,602
Step-by-step explanation:
Given that
Fiona salary is $21,000
She received 3% raise each year
We need to find her salary after 8 years
So, here we apply the future value formula
i.e.
= Present value × (1 + rate of interest)^number of years
= $21,000 × (1 + 0.03)^8
= $21,000 × 1.03^8
= $26,602
hence, her salary after 8 years is $26,602
The time required to get a total amount of $13,200.00 with compounded interest on a principal of $7,000.00 at an interest rate of 5.5% per year and compounded 12 times per year is 11.559 years. (about 11 years 7 months)
Answer:
t = 11.559 years
<h3>Compound Interest </h3>
Given Data
(about 11 years 7 months)
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 5.5/100
r = 0.055 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(13,200.00/7,000.00) / ( 12 × [ln(1 + 0.055/12)] )
t = ln(13,200.00/7,000.00) / ( 12 × [ln(1 + 0.0045833333333333)] )
t = 11.559 years
Learn more about compound interest here:
brainly.com/question/24924853
The answer to this equation is A) 50 times larger
Answer:
which way
Step-by-step explanation:
The answer is 1.
Thank you for waiting!
