How can you use compensation to find 8 x 903?
1 answer:
You might be interested in
Caiden's balance after 5 years would be $831
<u>Explanation:</u>
Given:
Principal, p = $475
Rate of interest = 3.8%
time, t = 15 years
Balance after 15 years = ?
We know:
where,
n = number of compounding periods
r = rate of interest
t = number of years
Substituting the value;
Therefore, Caiden's balance after 5 years would be $831