A linear function contains the following points.
1 answer:
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Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. The account balance after a period of 5 years will be $1.63634×10²⁰.
<h3>What is compound interest?</h3>Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. It's the outcome of reinvesting interest rather than paying it out so that interest is received on the principal plus previously collected interest in the next quarter.
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
Given the principal amount is $12,385, the rate of interest is 7.5%, and the time period is daily. Therefore, the amount can be written as,
Hence, the account balance after a period of 5 years will be $1.63634×10²⁰.
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Answer:
Step-by-step explanation:
Given
Winning Percentage = 0.444 repeating
Required
Represent as a fraction
Represent the percentage with x
Convert to fraction
Next step, is to convert to fraction repeating
To do this, we simply subtract 1 from the denominator
Simplify to the lowest term: Divide numerator and denominator by 37
Simplify to the lowest term: Divide numerator and denominator by 3
Hence;
There winning fraction is