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Jobisdone [24]
2 years ago
13

The required time is 3 years.

Mathematics
1 answer:
AVprozaik [17]2 years ago
8 0

Answer:

Step-by-step explanation:

<h2><em>For 4%</em></h2>

<em>A = $56,363.59 </em>

<em> </em>

<em>A = P + I where </em>

<em>P (principal) = $50,000.00 </em>

<em>I (interest) = $6,363.59</em>

<h2><em>calculation step</em></h2>

<em>First, convert R as a percent to r as a decimal </em>

<em>r = R/100 </em>

<em>r = 4/100 </em>

<em>r = 0.04 rate per year, </em>

<em> </em>

<em>Then solve the equation for A </em>

<em>A = P(1 + r/n)nt </em>

<em>A = 50,000.00(1 + 0.04/12)(12)(3) </em>

<em>A = 50,000.00(1 + 0.003333333)(36) </em>

<em>A = $56,363.59 </em>

<em> </em>

<em>Summary: </em>

<em>The total amount accrued, principal plus interest, with compound interest on a principal of $50,000.00 at a rate of 4% per year compounded 12 times per year over 3 years is $56,363.59. </em>

<h2><em>for 5 %</em></h2>

<em> </em>

A = $58,073.61

A = P + I where

P (principal) = $50,000.00

I (interest) = $8,073.61

<h2>calculation step</h2>

First, convert R as a percent to r as a decimal

r = R/100

r = 5/100

r = 0.05 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 50,000.00(1 + 0.05/12)(12)(3)

A = 50,000.00(1 + 0.004166667)(36)

A = $58,073.61

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $50,000.00 at a rate of 5% per year compounded 12 times per year over 3 years is $58,073.61.

<h2>For 6 %</h2>

A = $59,834.03

A = P + I where

P (principal) = $50,000.00

I (interest) = $9,834.03

<h2>calculation step </h2>

First, convert R as a percent to r as a decimal

r = R/100

r = 6/100

r = 0.06 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 50,000.00(1 + 0.06/12)(12)(3)

A = 50,000.00(1 + 0.005)(36)

A = $59,834.03

<h2 />

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $50,000.00 at a rate of 6% per year compounded 12 times per year over 3 years is $59,834.03.

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