Find the value of r in the following diagram.
1 answer:
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Answer:
<h2>3 (5) Superscript 6</h2>Step-by-step explanation:
Given the expression
In order to get the equivalent expression, first we must note the repetition of the value 5. Since the value of 5 is repeated 6 times during the multiplication, it can be written in indicinal form as shown;
in the equation means that 5 is being repeated 6 times.
The required answer is 3
We are given the following information
Investment = $5200
Annual interest rate = 4.2% = 0.042
Final amount = $16,500
Number of years = 27.7 years
Number of compoudings = quartely = 4
The student uses the following model
The general formula for compound interest is given by
As you can see, the number of compoundings is incorrect (3 vs 4)
The interest rate is also incorrect.
Let us substitute the given values into the above formula
Therefore, the final amount is approximately $16,543.5