Firstly, solve the effective annual interest (ieff) with the equation,
ieff = (1 + i/m)^m -1
where i is the interest rate and m is the number of times the interest is compounded in a year. In this problem, m is 12
Substituting the values,
ieff = (1 + 0.034/12)^12 - 1 =0.03453
To solve for the future (F) amount of the present investment (P),
F = P x (1 + ieff)^n
where n is number of years.
F = ($742) x (1 + 0.03453)^15
Thus, the answer is $1234.76.
Answer:2 2/9
Step-by-step explanation:
3 1/3= 10/3, 10/3 x 2/3= 20/9= 2 2/9
So for this you just want to divide 4/5 by 9/10 because it is the opposite of the equation.
9/10 / 4/5
To divide fractions, you just multiply and reverse the second fraction.
For example:
9/10 * 5/4
Now you can just normally multiply.
45/40
Or, simplified,
9/8
(Or 1 1/8)
