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

Mathematics

1 answer:

STatiana [176]3 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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Step-by-step explanation:

Let's FOIL this out and get it into standard quadratic format:

$h(t)=-4.9t^2+490$ . The lack of a linear term in the middle means therewas no upwards velocity, consistent with the object being dropped straight down as opposed to thrown up in the air tand then falling in a parabolic path. The -4.9t² represents the acceleration due to gravity, and the 490 represents the height from which the object was dropped. The constant in a quadratic that is modeling parabolic motion always represents the height from which the object was dropped (or launched). That's how you know.