Answer:
$4,116
Step-by-step explanation:
Worth of Mike's car at the start of 2014 = $12,000
If the car is said to depreciates every year by 30% = 30/100 = 0.3
The worth of the car at the start of 2017 is what we are to determine.
This means that the car depreciated by 30% (0.3) for 3 years since 2014 (2017 - 2014 = 3 yrs)
The worth at the start of 2017 would be calculated as follows:
12,000 × (1 - 0.3)³
= 12,000 × (0.7)³
= 12,000 × 0.343
= 4,116
Worth of the car at the start of 2017 would be $4,116
Answer: 10%
Step-by-step explanation:
even tho 100 is a bigger number the amount of 10% is 10 times bigger than 100%
Answer:
$712.
Step-by-step explanation:
We have been given that a fund earns a nominal rate of interest of 6% compounded every two years. We are asked to find the amount that must be contributed now to have 1000 at the end of six years.
We will use compound interest formula to solve our given problem.
, where,
A = Final amount,
P = Principal amount,
r = Annual interest rate in decimal form,
n = Number of times interest is compounded per year,
t = Time in years.

Since interest is compounded each two years, so number of compounding per year would be 1/2 or 0.5.







Therefore, an amount of $712 must be contributed now to have 1000 at the end of six years.