The interest is 11.62% compounded monthly. Converting this to an effective rate:
i = (1 + 0.1162/12)^12 - 1
i = 0.1226
We use this formula to solve the problem:
455.96 = (23860(1.0811) + 1695 + 228 - C) [0.0811(1+0.0811)^3]/[(1+0.0811)^3 - 1]
Solving for C
C = 4413.13
The cost of her car was $4,413.13.
Using the formula for the future value of an annuity: FV = P x (1 + rate)^time - 1 / rate)
1st account:
15,000 x (1 + 0.05)^10 - 1 /0.05) = $188,668.39
2nd account:
15,000 x (1 + 0.10)^10 - 1 /0.10) = $239,061.37
Answer:
0
Step-by-step explanation:
Answer:
Step-by-step explanation:
When a circle is rolled out, the base becomes πr and the heignt of each cone becomes r, therefore when the circle is made the equation become πr²
