Answer:
Huw spends £48 on his social life
You would have to solve for x the plug in the answer for c into the next equation to find your answer
Answer:
a. $10,943.30
b. $1,267.35
Step-by-step explanation:
P = $9,675.95
r = 6.25% = 0.0625
t = Compounded Semiannually = 2
a. Amount after 2 Years
n = 2
A = P [1 + (r / n)]^nt
A = $9,675.95 [1 + (0.0625 / 2)]² ˣ ²
A = $9,675.95 [1 + 0.03125]⁴
A = $9,675.95 [1.03125]⁴
A = $9,675.95 x 1.130982
A = $10,943.30
b. Compound Interest
Compound Interest = Final Amount - Principal Amount
Compound Interest = $10,943.30 - $9,675.95
Compound Interest = $1,267.35
Answer: he would have $343.47 after 2 years.
Step-by-step explanation:
if he leaves his interest from the first year in the bank, we would assume that his interest was compounded. We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $300
r = 7% = 7/100 = 0.07
n = 1 because it was compounded once in a year.
t = 2 years
Therefore,.
A = 300(1 + 0.07/1)^1 × 2
A = 300(1.07)^2
A = $343.47
