Firstly, solve the effective annual interest (ieff) with the equation,
ieff = (1 + i/m)^m -1
where i is the interest rate and m is the number of times the interest is compounded in a year. In this problem, m is 12
Substituting the values,
ieff = (1 + 0.034/12)^12 - 1 =0.03453
To solve for the future (F) amount of the present investment (P),
F = P x (1 + ieff)^n
where n is number of years.
F = ($742) x (1 + 0.03453)^15
Thus, the answer is $1234.76.
Try to understand the problem and take everything step by step
First simplify
-8+9w-23
Then Group simliar terms
(-8-23)+9w
After simplify
-31 +9w
3.9 and 5.3, when rounded off and mult. together, produce the product 20.
Thus, the decimal point must follow the first two digits of your answer, whether estimate or "exact."
3.9*5.3 = 20.67 by calculator.
Answer:
Step-by-step explanation:
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