Hello there! I can help you! The formula for compound interest is P(1 + r)^t, where P= principal (initial amount), r = interest rate (in decimal form), and t = time (in years). Let's do this step by step. First off, we add the rate into 1. 4% is the interest rate (0.04 in decimal form). 1 + 0.04 is 1.04. Now, what we will do is raise that number to the 2nd power, because the time that elapses is 2 years. 1.04² is 1.0816. That's that. Now, multiply 7,500 to find the total amount of money. 1.0816 * 7,500 is 8,112. There. Toby's savings account balance in 2 years is £8,112.
Note: To solve for compound interest questions like it, add 1 to the percentage rate in decimal form, raise that number to a power based on the number of years (for example, raise the number to the 7th power if we are looking for the balance after 7 years), and then multiply that number by the starting amount. After you raise the number by a power, there may be a lot of numbers behind it. Whatever you do, DO NOT delete the number. Keep it there and multiply it by the principal.
3000*0.14*24=??? Then uuu add the 144 to your answer to get your answer
Answer:
2
Step-by-step explanation:
Answer:
I honestly have no clue
Step-by-step explanation:
I think you divide something
Answer:
Future value A = P(1+r)^(t)
A = 27000(1+0.065)^1
A = 27000(1.065)
A = 28755 units
Corrected question;
The price of a new Ford F-150 has increased by 6.5% this year. If the price was 27,000 last year, which expression can be used to calculate the price of the new Ford this year
Step-by-step explanation:
Applying the future value formula;
A = P(1+r)^(t) .....1
Where;
A = final amount/value
P = initial amount/value (principal)
r = rate yearly
t = time in years
Given;
P = 27,000
r = 6.5% = 0.065
t = 1 year
Substituting the given values;
So A = 27000(1+0.065)^1
A = 27000(1.065)
A = 28755 units
