ABCD∼EFGH The value of x is
1 answer:
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Answer:
Step-by-step explanation:
Set up an equation to model the situation,
Distribute, multiply each term in the parenthesis with the term outside of the parenthesis. Don't forget the laws of exponents, when one multiplies two exponents, with the same base, then one adds the two exponents. A number with no exponential term is two the first degree meaning that it is to the power of one.
Answer:
$1,229.75
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 3.25% into a decimal:
3.25% -> -> 0.0325
Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:
Lastly, subtract A from P to get the interest earned: