A family of four goes to the movies. Each ticket costs x dollars and $10 for a drink and candy. Each member of the family got a
1 answer:
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Part 1 :
P = $200
r = 3.5% or 0.035
t = 3
n = 4
Compound interest formula =
=
=
=
= 222.04
So, money in the bank will be = 200+222.04 = $422.04
Part 2 :
P = $200
r = 3.5% or 0.035
t = 3
Continuous compound interest formula is =
A =
Putting e = 2.71828 we get.
A =
=
= 200*1.11071 = 222.14
Hence, amount in account after 3 years will be= 200+222.14 = $422.14