The population of a deer in a forest was measured to be 1,537 in the year 2010. If the population increased by a steady 4% per y
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Hi,
The equation looks like this...
Hope this helps.
r3t40
The equation looks like this...
Hope this helps.
r3t40
We are given the following information
Investment = $5200
Annual interest rate = 4.2% = 0.042
Final amount = $16,500
Number of years = 27.7 years
Number of compoudings = quartely = 4
The student uses the following model
The general formula for compound interest is given by
As you can see, the number of compoundings is incorrect (3 vs 4)
The interest rate is also incorrect.
Let us substitute the given values into the above formula
Therefore, the final amount is approximately $16,543.5