Answer:
We conclude that the total amount accrued, principal plus interest, from compound interest on an original principal of $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.
Step-by-step explanation:
Given
Principle P = $2500
Interest rate r = 5% = 0.05
Time period t = 8 years
To determine
Accrue Amount A = ?
Using the compound interest equation
![A\:=\:P\left(1\:+\:\frac{r}{n}\right)^{nt}](https://tex.z-dn.net/?f=A%5C%3A%3D%5C%3AP%5Cleft%281%5C%3A%2B%5C%3A%5Cfrac%7Br%7D%7Bn%7D%5Cright%29%5E%7Bnt%7D)
where:
A represents the Accrue Amount
P represents the Principal Amount
r represents the interest rate
t represents the time period in years
n represents the number of compounding periods per unit t
Important tip:
- Given that the interest is compounded 6 times each year, therefore, the value of n = 6.
now substituting P = 2500, r = 0.05, t = 8 and n = 6 in the equation
![A\:=\:P\left(1\:+\:\frac{r}{n}\right)^{nt}](https://tex.z-dn.net/?f=A%5C%3A%3D%5C%3AP%5Cleft%281%5C%3A%2B%5C%3A%5Cfrac%7Br%7D%7Bn%7D%5Cright%29%5E%7Bnt%7D)
![A=2500\left(1+\frac{0.05}{6}\right)^{\left(6\right)\left(8\right)}](https://tex.z-dn.net/?f=A%3D2500%5Cleft%281%2B%5Cfrac%7B0.05%7D%7B6%7D%5Cright%29%5E%7B%5Cleft%286%5Cright%29%5Cleft%288%5Cright%29%7D)
![\:A=2500\left(1+\frac{0.05}{6}\right)^{48}](https://tex.z-dn.net/?f=%5C%3AA%3D2500%5Cleft%281%2B%5Cfrac%7B0.05%7D%7B6%7D%5Cright%29%5E%7B48%7D)
∵ ![\left(1+\frac{0.05}{6}\right)^{48\:\:}=1.48935](https://tex.z-dn.net/?f=%5Cleft%281%2B%5Cfrac%7B0.05%7D%7B6%7D%5Cright%29%5E%7B48%5C%3A%5C%3A%7D%3D1.48935)
$
Therefore, we conclude that the total amount accrued, principal plus interest, from compound interest on an original principal of $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.
Answer:
If you had 5 apples and Johnny gave you five more how much do you have? Lets count
10 OMG 5+5 is 10
Answer:
do uu have z o o m
Step-by-step explanation:
You need to multiply 43x43
Answer:
0 boxes minimum
Step-by-step explanation:
The mass of the truck and paper must satisfy ...
22.5b + 2948.35 ≤ 4700 . . . . total truck mass cannot exceed bridge limits
22.5b ≤ 1751.65
b ≤ 77.85
The driver can take a minimum of 0 boxes and a maximum of 77 boxes of paper over the bridge.
_____
The question asks for the <em>minimum</em>. We usually expect such a question to ask for the <em>maximum</em>.