3 years ago

Find the difference. -6 2 1411 1-6 (-1)5 10.-9.18][ 3 14 ol -51]

Mathematics

1 answer:

scoray [572]3 years ago

8 0

Answer: This problem is all mixed up. There is no way to solve it with it like this.

Step-by-step explanation:

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A customer deposits $500 in an account that pays 5% annual interest.

skelet666 [1.2K]

$~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$500\\ r=rate\to 5\%\to \frac{5}{100}\dotfill &0.05\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &3 \end{cases} \\\\\\ A=500\left(1+\frac{0.05}{1}\right)^{1\cdot 3}\implies A=500(1.05)^3\implies A\approx 578.81$