Solve the equation for 15 points2 + 2
1 answer:
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<h2>Answer with explanation:</h2>
The formula to calculate the compound amount is given by :-
, where P is the Principal amount invested , r is the rate of interest ( in decimal ), and t is the time period ( in years).
As per given , we have
P= $500 , r= 6%=0.06
Then the formula to find the compound amount after t years :
(Put values of P and r in the formula)
For t=1
Jack will have $530 after 1 year.
For t=2
Jack will have $561.8 after 2 years.
For t=5
Jack will have $669.11 after 5 years.
For t=10
Jack will have $895.42 after 10 years.