A marching band has 64 members. The band director

Mathematics

1 answer:

kap26 [50]3 years ago

5 0

Which grade is this and which school?

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Banabas must pay his ex-wife an amount of R350 000 in two years’ time. Calculate the amount that he must invest today to have th

White raven [17]

Answer:

He must invest R297 521 today.

Step-by-step explanation:

The compound interest formula is given by:

$A(t) = P(1 + \frac{r}{n})^{nt}$

Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.

Banabas must pay his ex-wife an amount of R350 000 in two years’ time.

This means that $t = 2, A(t) = 350000$