Answer:
37.02%
Step-by-step explanation:
The formula of compound interest we will use is:
Where
FV is the future value [2,400,000 in this case]
PV is the present value [40,000 was invested]
r is the rate of interest per year (what we want to find)
t is the time in years [13 years]
Substituting and solving for r:
Thus, rate of interest was 37.02% (rounded to 2 decimal places)
Answer:
I do not agree with Jake. Each neighbor will get
Step-by-step explanation:
Since Jake has baked 5 cherry pies total and he wants to share them equally with 3 neighbors, the operation is division:
So, each neighbor would receive pies, not
.
Likely, what Jake did wrong is switch the numerator and denominator in his fraction.
Answer:
Given:
Sebastian :
Principal(invested)= $7,100
Rate of interest= 8.14% compounded monthly
Eva:
Principal(invested)= $7,100
Rate of interest= 8.12% compounded continuously
Step-by-step explanation:
After 5 years,
In Sebastian case:
Amount= Principal*
Amount = 7100*
Amount= 7100*
Amount=7100*109.4415
Amount= $777,034.43
In Eva case,
Amount= Principal*
Amount = 7100*
Amount= 7100*130.5818
Amount= $927,130.92
Difference between their money=$927,130.92-777034.43
=$150,096.49
Eva has $150,096 more money than Sebastian.