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1 answer:
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Answer:
B
Step-by-step explanation:
The compound interest formula is where:
- P is the starting amount called the principle
- r is the rat written as a decimal
- n is the number of times compounded in a year
- t is the number of years
Substitute a value into each variable to solve.
- P = $147 since 10% of 1,470 is being invested which makes P = 0.10(1470) = 147.
- The rate is 3.5% or r = 0.035.
- n = 12 because it is compounded monthly meaning 12 times a year.
- t = 25 since it will earn for 25 years.
Repeat this process for each formula.