What is the resulting balance of $3,500 at 4% compounded annually for 8 years?
1 answer:
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The amount each friend does pay is £9.75
<h3>How to calculate the pay of each friend using fractions and arithmetic operations?</h3>We are going to find 5% of the total amount paid and divide it by the numbers of all the friends to determine the amount paid by each one of them.
From the given information:
- The 5% of 130 = £6.5
- Total amount paid = £130 + £6.5 = £136.5
Therefore, the cost of each friend is =
The cost of each friend = £9.75
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