Please help with the steps thx:)
2 answers:
Answer:
interest: 945, FV: 6345
FV= 323711.4, Interest: 226211.4
25.21 years
Step-by-step explanation:
question 1:
simple interest formula
PV(1+it)
30 months is equal to 30/12 years or 2.5 (so t= 2.5)
5400(1+.07*2.5)= 6345
This is the future value, to find the interst subtract the present value
6345-5400= 945
2.)
future value of continously compounding interst:
PV(e^(it))
97500*e^(.06*20)= 323711.4
finding the interest is the same as the last one
323711.4-97500=226211.4
3.)
same formula
let x= time in years
i guess we can round this to 25.21
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