Are these ratios equivalent? 38:19 and 2:1 *
2 answers:
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<u>Answer:</u>
The money will gavin have after 5 years is 1616.59$
<u>Explanation:</u>
We know that compound interest is given by
Where A = final amount
P = Principal amount = $1500 (given)
r = interest rate = 1.5% = 0.015
n = no. of times interest applied per time period = given quarterly = 4
t = time period = 5 years
So,
= 1616.59$ which is the money will gavin have after 5 years