Answer: t= 7
Step-by-step explanation:
Take 56 divided by 8 and you get the remainder of 7. So t must equal 7.
Per 1,000 units the last one
let's firstly convert the mixed fractions to improper fractions and then divide.
Your Principal, P, is $400. Your interest rate, expressed as a decimal, is 0.03. Here, n is 1, since there is just 1 compounding period per year.
How much would you have after 16 years under such circumstances?
A = Amount = $400(1+0.03)^16. => $400 (1.03)^16 = $400(1.60)
Thus, you would have accumulated $641.88 after 16 years. Sounds like a pretty good deal to me. ;)