QUESTION
1 answer:
Answer:
$97,958.42
Step-by-step explanation:
To solve this problem we can use the compound interest formula which is shown below:
<em>P = initial balance </em>
<em>r = interest rate </em>
<em>t = time </em>
<em> </em>
First change 6.5% to its decimal form:
6.5% -> -> 0.065
Next plug in the values:
They have to pay back $97,958.42
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We have all of our values. We can either write the range as:
{
or, subtract the smallest value from the largest one:
So, there are those ways to write it, there are more, but I think you should stick with the first way because that's how the problem was presented to you. If you have any questions, hmu!