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Katarina [22]
3 years ago
15

I need help on this question

Mathematics
1 answer:
Pavel [41]3 years ago
5 0

4.2% means 0.042 .

4.2% more than some amount is 1.042 of it.

Interest compounded annually means that a year after you deposit some money
into your bank account, the bank looks to see how much of your money has been
there for a year, and they add  4.2%  of that into your account.  Another way to
look at it is that they change the balance in your account, from the amount it was
a year ago, to  1.042  of that amount. That's right. They just <u>give</u> you free money !

Why that's so good is:  Now the new amount in your account is  1.042  of
the amount you originally deposited, and after another year, they'll give you
another  4.2%  of <em><u>that</u></em> larger amount. Then you'll have  (1.042)² = about  <em><u>
8.6% more</u></em><em /> than your original deposit, 2 years earlier.

At the end of any number of years ... call it 't' years ... the amount in your
account is the amount you deposited, multiplied by  (1.042)^'t' power.

If you just put some money into this particular bank, and forget about it
and never touch it, you'll have <em><u>double</u></em> the amount in 17 years.

Now we can go and take care of Rhonda.

She put $3000 into a new account at the the bank, and then she forgot
about it and never touched it. How much is in that account after 't' years ?
The amount that's in that account at any time is called the 'balance'.
How much is it after 't' years ?

         <em>  Balance = 3,000 (1.042)^'t' power .</em>


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