Answer:
$3,113,34
Step-by-step explanation:
The formula for calculating compound interest is
![A=P(1+\frac{r}{n})^{nt}](https://tex.z-dn.net/?f=A%3DP%281%2B%5Cfrac%7Br%7D%7Bn%7D%29%5E%7Bnt%7D)
Where
A=the future total value, i.e, the money you will have after t years.
P=the initial deposit.
r=the annual interest rate.
n=the number of times that interest is compounded per year.
t=the number of years the money is saved.
In our case
A is unknown and we will have to calculate it with the formula.
P=$12,000
r=2.9%=0.029
n=365 because the interest is compounded daily and there are 365 days in a year
t=8 years
Applying the formula we get
![A=12,000(1+\frac{0.029}{365})^{365\times8}](https://tex.z-dn.net/?f=A%3D12%2C000%281%2B%5Cfrac%7B0.029%7D%7B365%7D%29%5E%7B365%5Ctimes8%7D)
![A=12,000(1+\frac{0.029}{365})^{2,920}](https://tex.z-dn.net/?f=A%3D12%2C000%281%2B%5Cfrac%7B0.029%7D%7B365%7D%29%5E%7B2%2C920%7D)
![A=12,000(1.000079)^{2,920}](https://tex.z-dn.net/?f=A%3D12%2C000%281.000079%29%5E%7B2%2C920%7D)
So A=15,113.336
This is the amount of money you would have after 8 years.
Subtracting the initial deposit from this amount we obtain the interest earned I
I=15,113.336-12,000=3,113.336
Rounded to the nearest hundreth
I=$3,113,30
Answer:
D(may not be D for everyone)
Step-by-step explanation:
The given statement is 2x + 5 = 11 :)
Answer: $869.90 × 12 = $10,438.80.
Step-by-step explanation:
Answer:
x ≤ 2
Step-by-step explanation:
-3x+12≥6
-3x≥6
3x≤6
x ≤ 2