Write 6.2 as a improper fraction
2 answers:
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The exponential to describe $100 at 2% interest, compounded annually, for x years is
Given that $ 100 at 2 % interest , compounded annually for "x" years
<em><u>The formula for compound interest, including principal sum, is:</u></em>
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per unit t
t = the time the money is invested or borrowed for
Here in this sum,
P = $ 100
number of years = x
Here given that compounded annually , so n = 1
Let "y" be the amount after "x" years
Substituting the values in formula we get,
Thus the exponential to describe is