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Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. The account balance after a period of 5 years will be $1.63634×10²⁰.
<h3>What is compound interest?</h3>Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. It's the outcome of reinvesting interest rather than paying it out so that interest is received on the principal plus previously collected interest in the next quarter.
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
Given the principal amount is $12,385, the rate of interest is 7.5%, and the time period is daily. Therefore, the amount can be written as,
Hence, the account balance after a period of 5 years will be $1.63634×10²⁰.
Learn more about Compound Interest:
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<h3><u>Answer:</u></h3>
The formula determine the distance from C to D is:
The formula that can be used to determine the distance from point C to point D is:
We know that distance between two points A(a,b) and B(c,d) is equal to the length of the line segment AB and is calculated by the help of the formula:
So, here we have:
(a,b)=(a,b) and (c,d)=(0,b)