Probably it's all wrong
4.5 = 10 %If is the same then 4.5*20+45=135
If not then
FV=P(1+r)n45* (1+0.1)20 = 45*6.727=302.737
1080 is correct hope this helps.
Answer:
I dont understand. It isnt clear on what they want you to do.
Answer:
If the time passed is only 3 months, then it is $2040
Step-by-step explanation:
We can use the quarterly compounded interest equation for this problem: P(1 + r/n)^nt
Step 1: Find out how much 3 months is in a year
<em>In this case, 3/12 which is 1/4</em>
Step 2: Plug in known variables into equation
2000[1 + (0.08)/4)]^[(4)(1/4)]
Step 3: Solve/Plug in calc
You will get $2040
If the time passed in the problem is 1 year, then we can be able to solve how much money he earned per quarter. However, since only 3 months have elapsed, then he has only earned $2040.
