Can you help me on problem number 16.
2 answers:
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Answer:
Jack's final bank account amount will be $54,782.50, <em>earning</em> <u>$7,459.31</u> in <em>interest</em>.
General Formulas and Concepts:
<u>Algebra I</u>
Compounded Interest Rate Formula:
- <em>A</em> is final amount
- <em>P</em> is principle amount
- <em>r</em> is rate
- <em>n</em> is compounded rate
- <em>t</em> is time
Step-by-step explanation:
<u>Step 1: Define</u>
<em>Identify given variables</em>.
<em>P</em> = $47,323.15
<em>r</em> = 0.05
<em>n</em> = 1
<em>t</em> = 3
<u>Step 2: Find Interest</u>
- [Compounded Interest Rate Formula] Substitute in variables:
- Evaluate:
∴ Jack will <em>gain</em> $7,459.31 and have a net balance of $54,782.50.
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Learn more about Algebra I: brainly.com/question/27710663
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Topic: Algebra I