Which term best describes a relationship in which is a multiple of the other quantity?
1 answer:
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Answer:
$25,626.53
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 8.5% into a decimal:
8.5% -> -> 0.085
Now lets plug in the values into the equation:
Lastly, subtract the total from the initial balance:
Michelle earned $25,626.53 in interest.
