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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Please look at the picture below
According to the theorem we know that DE is:
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Note: remember that if you want to make your life easy multiply both side by 2 to get rid of the 1/2.
I’m sorry I won’t be doing the solving for you because it should be easy but I will give you the logic in case you don’t know how to solve them...
Please look at the picture below
According to the theorem we know that DE is:
DE = 1/2 ( BC)
Solve for X then find the values.
Note: remember that if you want to make your life easy multiply both side by 2 to get rid of the 1/2.