The effective annual interest rate is:
i = (1 + 0.064/12)^12 - 1 = 0.066
In year 1: the interest is $613.80 (multiple $9300 by 0.066)
In year 2: the interest is $654.31 (add interest from year 1 to $9300 and multiply by 0.066)
In year 3: the interest is $656.98 (do the same as year 2)
In year 4: the interest is $657.16
The total interest is: $2582.25
The present worth of this amount is:
P = 2582.23 / (1 + 0.066)^4 = $1999.72
The answer is $1999.72.
Answer:
1/16 or 0.0625
Step-by-step explanation:
we can take 4 outside the parentheses and we would get 4^(4-7+1)=4^(-2)= 1/(4^2)=1/16=0.0625.
Answer:
Z = 20
Step-by-step explanation:
3 x 20 = 60
60 - 12 = 48
Answer:
3/8 + 1/4 is 5/8 and 1/10+4/5 is 1
Step-by-step explanation:
convert 1/4 to 2/8 and add to 3/8 to get 5/8
convert 4/5 to 9/10 and add to 1/10 equals 10/10 which is also 1
