Answer:
Riley will earn interest of $1706.86 in 15 years. But when the same problem solved for interest compounded annually we get,
c)1663.90
The options does not match with answer
Step-by-step explanation:
Given
principal amount P = $ 1000
rate of interest r = 6.75 % = 6.75/100 =0.0675
time t = 15
compounded semi annually, hence
no. of times interest is compounded, n = 2
We know that the formula for deriving final amount (A) is
A = P![(1+\frac{r}{n} )^{nt}](https://tex.z-dn.net/?f=%281%2B%5Cfrac%7Br%7D%7Bn%7D%20%29%5E%7Bnt%7D)
Substituting the known values , we get
A = 1000 x ![(1 + \frac{0.0675}{2} )^{2 * 15}](https://tex.z-dn.net/?f=%281%20%2B%20%5Cfrac%7B0.0675%7D%7B2%7D%20%29%5E%7B2%20%2A%2015%7D)
= $2706.86
Hence the interest earned = A - P
= $2706.86 - $ 1000
= $1706.86
The answer is $1706.86
But when the same problem solved for interest compounded annually we get, n=1 and so
A = 1000 x ![(1 + 0.0675)^{15}](https://tex.z-dn.net/?f=%281%20%2B%200.0675%29%5E%7B15%7D)
= 2663.90
Hence interest earned = $2663.90 - $ 1000
= 1663.90
Answer:
12
Step-by-step explanation:
5^2 + x^2 = 13^2
x = 12
$4.90 Each cake cost 0.70$ so 7x7=49 add the zero and move decimal one place to left
= 4.90$
Answer:
1,050-450=600
The maximum he can spend is 600
X equals less then or equal to 600
Step-by-step explanation:
Answer:
2
When the decimal is 5 or more, the number is rounded up by converting it into the next whole number.