We have been given that an account is opened with a balance of $3,000 and relative growth rate for a certain type of mutual fund is 15% per year.
In order to tackle this problem we have to find the value of mutual fund after 5 years. For our purpose we will use compound interest formula.
,where A= amount after t years, P= principal amount, r= interest rate (decimal) and t= number of years.
After substituting our given values in above formula we will get
Now we will solve for A
Therefore, after 5 years mutual fund is worth $6034.07.
The answer is 492.126 :) Hope it helps!
Answer:15 units
Step-by-step explanation:
Answer: 10x^2-10x
Explanation: You would distribute the 5x into the parenthesis making it 10x(to the second power) -10x
Answer:
A) 44.78
Step-by-step explanation: