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Anon25 [30]
3 years ago
13

Please help I'm very confused on this!!

Mathematics
1 answer:
Effectus [21]3 years ago
7 0

Step-by-step explanation:

The formula for compound interest is

P = I (1 + r/n)^nt

where

P: the total amount of money in the account after a certain amount of time

I: the principal amount

r: the interest rate as a decimal

n: the number of times a year interest is compounded

t: the number of years passed

For Patrick:

P = 200 (1 + 0.02/12)^12*8

P = 200 (1 + 0.00166667)^96

P = 200 (1.00166667)^96

P = 200 * 1.00166667^96

P = $234.67

For Brooklyn:

P = 200 (1 + 0.04/4)^4*8

P = 200 (1 + 0.01)^32

P = 200 (1.01)^32

P = 200 * 1.01^32

P = $274.99

After 8 years, Patrick has $234.67 and Brooklyn has $274.99

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