Stine Co. is a retail store operating in a state with a 6% retail sales tax. The retailer may keep 2% of the sales tax collected
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The amount of money in the account at the end of the period will be $2907.89.
<h3>What is the investment?</h3>- The dedication of an asset to achieve a gain in value through time is referred to as an investment.
- Investment necessitates the sacrifice of a current item, such as time, money, or effort.
- The goal of investing in finance is to earn a return on the invested asset.
- A gain (profit) or loss realized through the sale of a property or investment, unrealized capital appreciation (or depreciation), or investment income such as dividends, interest, or rental income, or a mix of capital gain and income, may constitute the return.
Step 1: Define
Identify variables
P = 930
t = 19
r = 6% = 0.06
Step 2: Find Interest
Substitute in variables [Compounded Continuously Formula]:
[Exponents] Multiply:
Evaluate exponents:
Multiply:
Therefore, the amount of money in the account at the end of the period will be $2907.89.
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