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The sum of the balances of these accounts at the end of 5 years is given by: Option B: $53,901.59 (approx)
<h3>How to calculate compound interest's amount?</h3>If the initial amount (also called as principal amount) is P, and the interest rate is R% per unit time, and it is left for T unit of time for that compound interest, then the interest amount earned is given by:
The final amount becomes:
If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:
For the considered case, we're given that:
- Initial amount in both accounts deposited = $24,000 = P
- Type of interest: Compound interest in first account and simple interest in second account
- Unit of time: Annually
- Rate of interest = 2.4% annually = R
- Total unit of time for which amount is to be calculated: 5 years = T
In first account, the final amount at the end of 5 years is evaluated as:
In second account, the final amount at the end of 5 years is evaluated as:
Total amount after 5 years in these accounts = (in dollars)
Thus, the sum of the balances of these accounts at the end of 5 years is given by: Option B: $53,901.59 (approx)
Learn more about compound interest here:
Answer:
49243
Step-by-step explanation:
Given that the population of rabbits on an island is growing exponentially.
Let the population,
where, and b are constants, t=(Current year -1994) is the time in years from 1994.
In 1994, t=0, the population of rabbit, P=9600, so
So,
and in 2000, t=2000-1994=6 years and population of the rabbit, P=18400
b=0.109
On putting the value of P_0 and b, the population of the rabbit after t years from 1994 is
In 2009, t= 2009-1994=15 years,
So, the population of the rabbit in 2009
Hence, the population of the rabbit in 2009 is 49243.