<em>The compound interest is applied, that is to say, each year the interest produced is accumulated to the outstanding capital and the interest of the next period is calculated on the new outstanding capital.</em>

The formula for calculating compound interest is:

Compound interest = Total amount of Principal and interest in future less Principal amount at present = [P(1 + i)ⁿ] – P

(Where P = Principal, i = nominal annual interest rate in percentage terms, and n = number of compounding periods)

[P(1 + i)ⁿ] – P = P[(1 + i)ⁿ – 1] = $150[(1 + 12/100)⁸ – 1] = $150[(1.12)⁸ – 1] = $150[2.47596317629 - 1] = $150[1.47596317629] = $221.39

Total amount = $150 + $221.39 = $371.39

Answer : A.) $371.39

$\textit{\textbf{Spymore}}$

5 0

4 years ago

Coach velez took the basketball team out for ice cream sundaes.He bought 8 sundaes at $5.35 each.He left a 15% tip.How much did

joja [24]

To find the value of Coach Velez's total bill, first we must figure out how much the total of all of the ice cream sundaes were.

To do this, we must multiply the number of sundaes (8) by the cost of each sundae ($5.35).

8 * 5.35 = $42.80

However, Coach Velez also left a tip of 15%. To find out how much Coach Velez tipped, we have to multiply his regular bill ($42.80) times the amount he is tipping (15% or 0.15)

$42.80 * 0.15 = $6.42

Finally, we just have to add the bill ($42.80) and the tip ($6.42) together to find Coach Velez's total amount.

$42.80 + $6.42 = $49.22

Coach Velez spent $49.22 in all.

7 0

3 years ago