A science test, which is worth 100 points, consists of 24 questions. Each question is worth either 3 points or 5 points. If
1 answer:
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Using the interest formulas, it is found that the values of the investment are given as follows:
- Using simple interest, the value will be of $34,000.
- Using compound interest, the value will be of $144,461.
- Using continuous compounding, the value will be of $148,002.
Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
In which:
- P is the initial amount.
- r is the interest rate, as a decimal.
In this problem, we have that the parameters are as follows:
P = 9000, r = 0.07, t = 40.
Hence:
n is the number of compounding, for quarterly n = 4, then:
Hence:
More can be learned about the interest formulas at brainly.com/question/25296782
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