Find the amount of money in savings account if $3200 was deposited for 3 years at 40% interest compounded annually. Find the int
1 answer:
Step-by-step explanation:
Formula for compound interest is given by
Where
A is the amount at the end of the period
P is the principal
R is the rate
n is the period
The interest = A - P
From the question
P = $ 3200
n = 3 years
R = 40%
So we have
A = $ 8780.80
<h3>The amount is $ 8780.80</h3>The interest is
$ 8780.80 - $3200
<h3>= $ 5580.80</h3>Hope this helps you
You might be interested in
Answer:
Mean. It includes all data points.
Step-by-step explanation:
-We first need to calculate the mean, median and mode then compare our values:
#Mean:
#The median is the middlemost data point in a lsit data:
778,783,784,786,790,804,807,810,819,823
-Since our data points is an even number, the median number is calculated as:
#Mode is the data point with the highest frequency:
-Since there's no number appearing more than once, our set has no mode.
#Since our data set has no outliers and is not a skewed distribution, the mean will be the best measure as it includes all data points