How does the value represented by the digit 4 in R compare to the value represented by the digit 4 in T?
1 answer:
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Answer: a) 8.779 years
b) 8.664 years
<u>Step-by-step explanation:</u>
a)
- A: accumulated amount (balance)
- P: principal amount (original/initial investment)
- r: interest rate (convert to a decimal)
- n: number of times compounded per year
- t: number of years
Given: A = 1800, P = 900, r = 8% = 0.08, n = 3, t = unknown
b)