3 years ago

What is the formula for compound interest?

Mathematics

1 answer:

Valentin [98]3 years ago

8 0

This is the formula.

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3 years ago

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A. Suppose you have just inherited a sum of money. Let’s say you choose to invest the money. How much did you inherit? Choose an

leva [86]

Amount =$48003.20

Step-by-step explanation:

Here apply the compound interest formula;

$A=P(1+\frac{r}{n} )^{nt}$

where;

P=Principal amount invested = $37500

r=rate of interest as a decimal, 2.5% =0.025

n=number of compounding per year=1

t=time period the amount in invested=10

In our case, the amount after investing will be;

$A=37,500(1+0.025)^{10} \\\\A=37,500(1.025)^{10} \\\\A=48003.20$

Interest earned after the period= $48003.20-$37500 =$10503.20

Learn More

Compound Interest formula application: brainly.com/question/7014337

Keywords: inherit, sum, money, interest

#LearnwithBrainly

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3 years ago