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3 years ago

Karl invests $35,000 for 8 years in an account paying 7% compounded daily. Find

Mathematics

1 answer:

ivolga24 [154]3 years ago

7 0

Answer:

principal (p)=$35000

time(t)=8years

rate ( r)=7%

Step-by-step explanation:

compounded amount(c.a)=p((1+r/100)^t )=$35000((1+7/100)^8)=$60136.5
compound interest gain=$60136.5-$35000=$25136.5
Karl gain interest in 1 year=$35000((1+7/100)-1)=$2450
gain % in 1 year=$2450/$25136.5×100%=9.74%

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