Suppose Brandi buys a CD for $1000 that earns 3% APR and is compounded
2 answers:
Answer:
$1,061.76
Step-by-step explanation:
(refer to attached handout)
For compound interest, you are given:
A = ? (need to find)
P = $1000
r = 3% = 0.03
n = compounded monthly = 12 times per year
t = 2 years
(substituting this into the formula)
A = P [ 1 + (r/n) ] ^(nt)
A = 1000 [ 1 + (0.03/12) ] ^[(12)(2)]
A = 1000 [ 1 + 0.0025 ] ^24
A = 1000 [ 1.0025 ] ^24
A = 1,061.76
You might be interested in
Tammy uses 1 3/4 cups of laundry detergent. The number of loads is 4
<u>Solution:</u>
Given that, Tammy uses 1 3/4 cups of laundry detergent per load.
When she was finished doing laundry one day.
She noticed that she had used 7 cups of laundry detergent.
We have to find how many loads did she do?
Now, we know that, Total cups used can be written as:
<em> </em>number of loads x number of cups per each load = total cups used.
Hence, the number of loads are 4.