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Rzqust [24]
3 years ago
6

Brian invests £7900 into his bank account.

Mathematics
1 answer:
DENIUS [597]3 years ago
7 0

Step-by-step explanation:

1. use the equation

current amount X interest to the power of years

commpound interest is 2.3%

The starting value is £7900

So: £7900*1.023^5=£8851.26

Therefore, the answer is £8851.26 after 5 years of interest added

Hope this helps!!!

Have a nice day :)

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Ana has won a lottery. She was offered two options to receive the award: She can either take it in five installments of $60,000
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Answer:

Results are below.

Step-by-step explanation:

Giving the following information:

She can either take it in five installments of $60,000 annually, starting from now; or she can take a lump-sum of $255,000 now.

<u>First, we determine the value of the 5 installments using a 5% annual compounded rate.</u>

We calculate the future value, and then the present value:

FV= {A*[(1+i)^n-1]}/i

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FV= {60,000*[(1.05^5) - 1]} / 0.05

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At an annual rate of 5% compounded annually, she should choose the five installments instead of the $255,000.

<u>Now, if the annual rate is 6% continuously compounded.</u>

<u>First, we need to calculate the effective interest rate:</u>

r= e^i - 1

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r= e^0.06 - 1

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