2900 dollars is placed in an account with an annual interest rate of 9% Wirte an equation that calculates how many dollars will
1 answer:
Answer:
The amount that will be in the account will be $(2900 +261x)
Step-by-step explanation:
We know that the amount of money that will be in the account will be a sum of the initial principal ($2900) and the interest that is accrued after x years.
Since we already know the principal, we will have to calculate the interest that is accrued after x years.
we can use the formula:
Interest = (principal X rate X time)/ 100
Interest =
Therefore the amount that will be in the account will be $(2900 +261x)
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The value would be 829.89.
The formula we use is
,
where A is the total amount, p is the principal, r is the rate expressed as a decimal number, n is the number of times per year the interest is compounded, and t is the number of years.
We will use 800 for p; 5.25/100 = 0.0525 for r; 365 for n; and (255/365) for t (since it is not a full year):
The formula we use is
where A is the total amount, p is the principal, r is the rate expressed as a decimal number, n is the number of times per year the interest is compounded, and t is the number of years.
We will use 800 for p; 5.25/100 = 0.0525 for r; 365 for n; and (255/365) for t (since it is not a full year):