Question

Homework: 7.1 hw

Answer 1

Answer:

a. $ 2,431.01 = 4 years

b. $ 4,584.04  = 17 years

c. 4.57 years = $ 2,499.57

d. 8.3 year = $ 2,998.48

e.  $ 2,431.01 = 4 years

Step-by-step explanation:

Compound Interest Equation

A = P(1 + r/n)nt

Where:

A = Accrued Amount (principal + interest)

P = Principal Amount

I = Interest Amount

R = Annual Nominal Interest Rate in percent

r = Annual Nominal Interest Rate as a decimal

r = R/100

t = Time Involved in years, 0.5 years is calculated as 6 months, etc.

n = number of compounding periods per unit t; at the END of each period