Answer: $4,331
Step-by-step explanation:
I will assume that the question meant 5.2% not 52% as this is quite excessive.
Katherine after 13 years.
Convert the variables;
n = 13 years = 13 * 365 = 4,745 days
r = 5.2% = 5.2/365 = 5.2/365%
Future value = P * ( 1 + r)^n
= 86,000 * (1 + 5.2/365%)⁴⁷⁴⁵
= $169,068
Michael after 13 years;
If compounded continuously, the formula is;
Future value = Pe^rt
= 86,000 * e⁰.⁰⁵ ˣ ¹³
= $164,737
Difference = 169,068 - 164,737
= $4,331
Where is it? In order to help you I need to see what the problem is.
What do squares, rectangles, and right triangles have in common? They all contain at least one right angle!
What shape has at least one right angle?
rectangle
A rectangle is a four-sided shape where every angle is a right angle (90°). Also, the opposite sides are parallel and of equal length.
Substitute the value of the variable into the equation and simplify.
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