The answers to the questions above are .2(20%) and .5(50%)
Answer:
298000:100
x : 103
cross multiply: 100x=298000 x 103
x=306,940 or 307,000
Step-by-step explanation:
Answer:
The explicit formula that can be used is
The account's balance at the beginning of year 3 is
Step-by-step explanation:
we know that
The compound interest formula is equal to
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
substitute in the formula above