Answer:
If using simple interest, the formula is:
= Amount * ( 1 + rate * time)
= 20,000 * ( 1 + 4% * 5)
= $24,000
Interest = Balance after 5 years - Investment
= 24,000 - 20,000
= $4,000
Using Compound Interest:
= Amount * ( 1 + rate)^time
= 20,000 * ( 1 + 4%)⁵
= $24,333.06
Interest = 24,333.06 - 20,000
= $4,333.06
Answer:
Step-by-step explanation:both are 1/6 of a chance
Hello,
Question- What is 16.437 rounded to the nearest whole number
Answer- 16
Well to round up to higher numbers you need to have a 5 or higher and it seems that 16.(4)37 so that 4 is lower than a 5 in that case you will stay with 16!
Important- If my answer helped you please mark me as brainliest thank you and have the best day ever!
Answer:
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Answer:
$3714.18
Step-by-step explanation:
From the question;
Amount invested is $3300
Rate of interest 3% per year compound interest
Time is 4 years
We want to determine the amount that accrued after 4 years
In this case we are going to use the compound interest formula;
That is;
where A is the amount, P is the principal , r is the rate of interest and n is the time taken.
Therefore;
= $3714.18
Therefore, the amount accrued after 4 years is $3714.18
