together Xavier,Yolanda,and Zachary have $4.44 . if each person has the same amount , how much money does each person have?
2 answers:
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Answer:
<em>P'=2,367 million $</em>
Step-by-step explanation:
<u>Compound Interest </u>
It refers to the case where the interests earned in a certain period are added to the principal sum of a loan and re-invested. Interest in the next period is then earned on the principal sum plus previously accumulated interest.
Being P the principal, or initial amount of a loan or deposit, r the nominal annuual interest rate and t the time the interest is applied, the total accumlated value or future value is
According to the conditions of the problem, Christopher deposited 1 billion into his savings. This gives us the principal P=1,000 milion dollars. The interest rate is 9% compounded once a year during t=10 years. Here n=1 since the compounding does not occur in the middle of the yearly period. Thus