How much would 500$ invested at 9% interest compounded annually be worth after 4 years?
1 answer:
Answer:
$705.79
Step-by-step explanation:
(see attached for reference)
the formula for compound interest is
A = P [1 + (r/n) ]^(nt)
Where:
P = Principal Amount = $500
r = annual interest rate = 9% = 0.09
t = 4 years
n = 1 (compounded annually)
A = 500 [1 + (0.09/1) ]^(1 x 4)
A = 500 [1 + 0.09 ]^(4)
A = 500 [1.09 ]^(4)
A = $705.79
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The value of x is –7.
Solution:
Given expression:
Let us factor .
Substitute this in the fraction.
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Denominators are same, you can add the fractions.
Cancel the common term in the numerator and denominator.
Multiply the fractions.
The expression is simplified to one rational expression.
Suppose the expression is equal to 0.
Do cross multiplication.
Any number or variable multiplied by 0 gives 0.
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x = –7
The value of x is –7.