Answer:
<em>The deposit required is $6633.62 and the interest earned is $366.38</em>
Step-by-step explanation:
Compound interest occurs when the interest earned is reinvested rather than paying it out. When it happens interest in the next period is then earned on the principal sum plus previously accumulated interest.
The formula is:
Where:
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
It's given the final amount A=$7700 after t=3 years of investment in an account that pays an APR of r=5%=0.05. Since the interests compound quarterly and there are 4 quarters in a year, then n=4.
To find the principal P, we solve the previous equation for P as follows:
Substituting:
P=$6633.62
The interest earned is:
I = A - P = $7700 - $6633.62 = $366.38
The deposit required is $6633.62 and the interest earned is $366.38
<h3><em>1st quadrant,</em></h3><h3><em>(+,+) in 1st quadrants </em></h3><h3><em>HOPE IT HELPS !!!</em></h3>
Answer:
226
Step-by-step explanation:
Use PEMDAS
It would matter, by what measurements you would go by..
You can make your own scale to go by..
That should go
Hope that this helps you..