Answer:
2730$
Step-by-step explanation:
The amount of money left in the account after n years is given by the equation
where
is the initial amount of money
r is the rate of interest
n is the number of years
In this problem, we have:
is the initial amount of money
is the interest rate (5%)
n = 1 is the number of years
Therefore, the amount of money after 1 year is
The correct answer would be C.
<span>Travis was attempting to make muffins to take to a nei</span>
only "C" can be the answer
youin histogram the second term of the previous class interval should be same to the first term of the next class interval......
please follow
Answer:
At the end of 6 years, he would have paid $13985.6
Step-by-step explanation:
Initial amount taken as load is $10,000 This means that the principal
P = 10000
It was compounded annually. This means that it was cam pounded once in a year. So
n = 1
The rate at which the principal was compounded is 5.75%. So
r = 5.75/100 = 0.0575
it takes you six years to pay off the loan. So
t = 6
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount of money that you would have paid back by the end of the six years. Therefore
A = 10000 (1+0.0575/1)^1×6
A = 10000(1.0575)^6 = $13985.6
