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2 years ago

Calculate how much more money does $1000 earn in 8 years compounded daily at 3%,

Mathematics

1 answer:

STatiana [176]2 years ago

6 0

Answer:

To determine the compound interest of a certain investment, the following formula should be used:

X = Initial value (1 + interest rate / number of compositions) ^ years x number of compositions

Thus, in the assumption of an investment of $ 1,000 with interest compounded daily at 3% for 8 years, the formula would be the following:

X = 1,000 x (1 + 3/365) ^ (8x365)

X = 1,271.24

On the other hand, in the case of an investment of $ 1,000 with compound interest every 6 months at 3% for 8 years, the formula would apply as follows:

X = 1,000 x (1 + 3/2) ^ (8x2)

X = 1,268.99

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Ne4ueva [31]

Answer: 12.5

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2 years ago

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Answer:

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3 years ago

A share of stock in the Lofty Cheese Company is quoted at 25 1/4. Suppose you hold 30 shares of that stock, which you bought at

Marizza181 [45]

I don't know the options, but I can say this:

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3 years ago

A new business center in town was built in a shape of a regular nonagon. Each side is 160 feet long which is the area occupied b

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Answer:

158,254.08 ft²

Step-by-step explanation:

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Calculating the known measurements ahead of time, we get a condensed, or simplified formula:

A = 6.1818 x a²

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3 years ago

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Answer:

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3 years ago

Read 2 more answers