N divided by 8 in an algebraic expresion? plz help fast
2 answers:
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Answer: $1114.91
Step-by-step explanation:
The formula for compound interest is
Where
A = final amount
P = initial principal balance (1030 for this)
r = interest rate (0.04 for this)
n = number of times interest applied per time period (2 for this)
t = number of time periods elapsed (2 for this)
This rounds up to $1114.91
