the cost (in dollars) of making n birthday cakes is represented by C= 24n + 35. How many birthday cakes are made when the cost i
2 answers:
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<h3>The worth after 4 years is $ 680.24</h3>
<em><u>Solution:</u></em>
<em><u>The formula for compound interest, including principal sum, is:</u></em>
Where,
A = the future value of the investment
P = the principal investment amount
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per unit t
t = the time the money is invested
From given,
n = 1 ( since interest is compounded annually)
p = 500
t = 4
<em><u>Substituting the values we get,</u></em>
Thus the worth after 4 years is $ 680.24