What does the 3 represent in this scenario what does the 2 represent
1 answer:
You might be interested in
Answer:
Total amount that Matthew's bank will receive is $10099.81.
Step-by-step explanation:
We need to find the amount Matthew's bank will receive after lending him $8,000 for four years at an interest rate of 6 percent, compounded annually.
The formula for compound interest is:
Where A = future value
P= Principal Amount
r = interest rate
and n= time
So in the question we are given:
P= $8000
r = 6% or 0.06
t = 4 (since 4 yeras compounded annually)
A= 8000*(1+0.06)^4
A= 8000*(1.06)^4
A= 10099.81
So, total amount that Matthew's bank will receive is $10099.81.
Answer:
B=9 (I'll solve right now, just so you get the answer)
Step-by-step explanation:
Expand right side by distributing
Use the FOIL method to simplify (first, outside, inside, last):
Simplify
Re-insert
Cancel out
Move all terms to one side
Simplify
Factor out the common term 2