A principal of $2600 is invested at 7% interest, compounded annually. How much will the investment be worth after 13 years?
1 answer:
Answer:
The total amount accrued, principal plus interest, from compound interest on an original principal of $ 2600 at a rate of 7% per year compounded 1 time per year over 13 years is $ 6266.
Step-by-step explanation:
Given
Principle P = $2600
Interest rate r = 7% = 0.07
Time period t = 13 years
Compounded annually means: n = 1
To determine
Accrued Amount = ?
Using the formula
substituting P = 2600, r = 0.07, t = 13, n = 1
$
Therefore, the total amount accrued, principal plus interest, from compound interest on an original principal of $ 2600 at a rate of 7% per year compounded 1 time per year over 13 years is $ 6266.
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Answer:
a)This solution matches with the original equation and its solution
b)This solution matches with the original equation and its solution
c)This solution <em><u>does not</u></em> match with the original equation and its solution. Though the solution is correct the original given equation cannot be used.
d)This solution <em><u>does not</u></em> match with the original equation and its solution. Though the solution is correct the original given equation cannot be used.
Step-by-step explanation:
i) Which scenarios can be solved by 1.5x + 2.25 = 12.75. Select all that apply and note the given solution.
therefore 1.5x = 10.5 therefore x = 7
a) let the number be x
therefore if then the number x = 7.
This solution matches with the original equation and its solution
b.) If a taxi driver charges a flat fee of $2.25 and $1.5 per mile, where the
number of mile = x, then the number of miles Juan can ride the taxi for
$12.75 is x = 7.
This solution matches with the original equation and its solution
c)if nine quarters of a number, say x, increased by three halves is fifty one
quarters, the number is x = 5,
This solution <em><u>does not</u></em> match with the original equation and its solution. Though the solution is correct the original given equation cannot be used.
d.) If a taxi driver charges a flat fee of $1.5 and $2.25 per mile, where the
number of mile = x, then the number of miles Juan can ride the taxi for
$12.75 is x = 5.
This solution <em><u>does not</u></em> match with the original equation and its solution. Though the solution is correct the original given equation cannot be used.