Dan puts 11 of his allowance in his saving account every week how much money will he have after 15 week
2 answers:
You might be interested in
Using the interest formulas, it is found that the values of the investment are given as follows:
- Using simple interest, the value will be of $34,000.
- Using compound interest, the value will be of $144,461.
- Using continuous compounding, the value will be of $148,002.
Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
In which:
- P is the initial amount.
- r is the interest rate, as a decimal.
In this problem, we have that the parameters are as follows:
P = 9000, r = 0.07, t = 40.
Hence:
n is the number of compounding, for quarterly n = 4, then:
Hence:
More can be learned about the interest formulas at brainly.com/question/25296782
#SPJ1