Name the property used in the equation 1=6n then find the value of n
1 answer:
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Answer:
Step-by-step explanation:
The formula you will want to use for this is one that allows a certain number of compoundings of the interest per year. This is a specific one for compounding continuously, and there is one for finding simple interest. Here is the one we want:
where A(t) is the amount in the account after the compounding occurs over the number of years specified, P is the initial amount in the account, r is the interest rate in decimal form, n is the number of times per year the compounding occurs, and t is the amount of time the money is in the account in years. For us:
P = 300,
r = .04,
n = 4 (quarterly means 4 times), and
t = 10
Filling in:
and
and
and
A(t) = 300(1.488863734) so
A(t) = $446.66 or $447