$2835.56 is the closest amount to the balance of the account at the
end of 2 years
Step-by-step explanation:
The formula for compound interest, including principal sum is
where:
- A is the future value of the investment/loan, including interest
- P is the principal investment amount (the initial deposit or loan amount)
- r is the annual interest rate (decimal)
- n is the number of times that interest is compounded per unit t
- t is the time the money is invested or borrowed for
Mr. Wilkins deposited $2,500 in a new account at his bank.
The bank pays 6.5% interest compounded annually on this account.
Mr. Wilkins makes no additional deposits or withdrawals
We need to find the closest amount to the balance of the account at
the end of 2 years
∵ P = $2,500
∵ r = 6.5% = (6.5/100) = 0.065
∵ n = 1 ⇒ compounded annually
∵ t = 2
Substitute all of these value in the formula above to find A
∵
∴
∴ A = $2835.56
$2835.56 is the closest amount to the balance of the account at the
end of 2 years
Learn more:
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Answer:
Half of the under 30's are from 5 to 18 seconds
Step-by-step explanation:
Each section of the box plot is 25%
Under 30's From 5 to 12 is 25% and from 12 to 18 is 25%
so from 5 to 18 is 50%
I'm almost certain x = 1.25 might be wrong but I got it both times..
Using simple interest, it is found that Devin will pay $60,125 altogether.
The amount paid in <u>simple interest</u> is:
In which:
- P is the principal.
- r is the interest rate, as a decimal.
- t is the time, in years.
In this problem:
- Owes $26,000 in student loans, thus
- Interest rate of 8.75%, thus
- Paid off in 15 years, thus .
The amount he will pay is of:
Devin will pay $60,125 altogether.
A similar problem is given at brainly.com/question/13176347