Answer:
After 12 years the investment will be worth $5145.
Step-by-step explanation:
The formula used for compounded interest is:
A = P(1+r/n)^nt
where,
A = future value
P = Principal Amount
r = interest rate
n = no of times interest is compounded
t = time
In the question given:
A=?
P = $2100
r = 7.75% or 0.0775
n = 1
t= 12
A= 2100*(1+0.0775/1)^1*12
A= 2100 *(1+0.0775)^12
A= 2100 *(1.0775)^12
A= 2100 * 2.45
A= 5145
So, after 12 years the investment will be worth $5145.
Our fathers brought forth on this continent a new nation.
Answer:
The total cost would be: $62.14
Step-by-step explanation:
First convert the percent to a decimal, so since it is 4%, you move the decimal two places to the right, so it would be .04.
Next, multiply $59.75 x .04%. This equals $2.39.
Then, take the product and add it to $59.75. So, $59.75 + $2.39.
This equals $62.14!
