Explain in your own words what a transformation is.
1 answer:
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∵ The formula of the compound interest is
→ A is the new amount
→ P in the initial amount
→ r is the interest rate in decimal
→ n is the number of periods
→ t is the time
∵ The initial amount is 800 dollars
∵ The annual rate is 3% = 3/100 = 0.03
∵ It is a compounded annually
∴ n = 1
∵ t = 5 years
→ Substitute all of these values in the formula above
→ Use the calculator to find the answer
∴ A = 927.4192594 dollars