What is the value of r if r = 8? 10r = ?
1 answer:
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Answer:
$412.92
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
<em>P = initial balance </em>
<em>r = interest rate </em>
<em>n = number of times compounded annually </em>
<em>t = time </em>
<em />
The first step is to change 4% into its decimal form:
4% -> -> 0.04
Now plug in the values:
It would be worth $412.92
