Answer:
The answer is 250 in interest.
Step-by-step explanation:
I=prt, I=(500)(0.05)(10)
Answer:
A ≈ $500
General Formulas and Concepts:
<u>Pre-Alg</u>
- Order of Operations: BPEMDAS
<u>Algebra I</u>
Compounded Interest Rate: A = P(1 + r/n)ⁿˣ
- A is final amount
- P is initial (principle) amount
- r is rate
- n is number of compounds
- x is number of years
Step-by-step explanation:
<u>Step 1: Define</u>
P = 230
r = 0.063
n = 365
x = 12
<u>Step 2: Solve for </u><em><u>A</u></em>
- Substitute: A = 230(1 + 0.063/365)³⁶⁵⁽¹²⁾
- Divide: A = 230(1 + 0.000173)³⁶⁵⁽¹²⁾
- Multiply: A = 230(1 + 0.000173)⁴³⁸⁰
- Add: A = 230(1.00017)⁴³⁸⁰
- Exponents: A = 230(2.1296)
- Multiply: A = 489.808
Answer:
4/5
Step-by-step explanation:
I THINK
