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vodka [1.7K]
3 years ago
8

Hudson invested $8,400 in an account paying an interest rate of 5.4% compounded quarterly. Assuming no deposits or withdrawals a

re made, how much money, to the nearest ten dollars, would be in the account after 13 years?
Mathematics
1 answer:
maw [93]3 years ago
4 0

The answer to the problem is 16870

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The formula A=P(1+r)t is used to show the total amount owed for a loan with a simple annual interest rate.
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We are asked to express r in terms of A, P, and t.

We first divide both sides of the equation by t, which gives us

                                         
                     \displaystyle{ \frac{A}{t}=P(1+r), 


then, dividing both sides by P, we have

                     \displaystyle{ \frac{A}{Pt}=1+r.

Swap the sides:

                    \displaystyle{ 1+r= \frac{A}{Pt} 
      
Finally subtracting 1 from both sides gives us

                     \displaystyle{ r=\frac{A}{Pt}-1.


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