The last bc the + and - are different that means it will be subtracted.
The effective annual interest rate is:
i = (1 + 0.064/12)^12 - 1 = 0.066
In year 1: the interest is $613.80 (multiple $9300 by 0.066)
In year 2: the interest is $654.31 (add interest from year 1 to $9300 and multiply by 0.066)
In year 3: the interest is $656.98 (do the same as year 2)
In year 4: the interest is $657.16
The total interest is: $2582.25
The present worth of this amount is:
P = 2582.23 / (1 + 0.066)^4 = $1999.72
The answer is $1999.72.
Answer:
$1650
Step-by-step explanation:
Based on the question, we don't need the information that Mike wants to save 1750 in 12 months.
We just need to focus on how he is saving 150 every month, for 11 months.
150*11=1650
He will save $1650 if he saves $150 every month for 11 months.
Answer:
Casy
Step by step explanation:
You divide the miles by their time
It took Jessica 6 minutes and .03 seconds to finish a mile
It took Casy 5 minutes and 54 seconds to finish a mile
Casy is .09 Seconds quicker than Jessica
