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This is relative frequency table. Can someone help me?

Mathematics

1 answer:

Grace [21]2 years ago

5 0

0.524 is the correct answer (✿^‿^)

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Explanation:

Given:

• Principal Felipe borrowed, P=$8000

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• Compounding Period, k=12 (Monthly)

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We want to determine how much he will owe after 7 years.

In order to carry out this calculation, use the compound interest formula below:

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Finally, simplify and round to the nearest cent.

$\begin{gathered} A(t)=8000(1+0.01375)^{84} \\ =8000(1.01375)^{84} \\ =\$25,193.17 \end{gathered}$

After 7 years, Felipe will owe $25,193.17.

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