Factor using the AC method...
The answer is:
(x+6) (x+8)
Answer:
The time it will take for the account balance to reach $3,726.18 is 15 months.
Step-by-step explanation:
The information provided is:
- Jaidee invests $2,628 in a retirement account
- With a fixed annual interest rate of 2.33%
- Compounded 12 times per year, i.e. compounded monthly.
- Final account balance: $3,726.18
The formula of compound interest (compounded monthly) is:
Compute the value of t as follows:
Thus, the time it will take for the account balance to reach $3,726.18 is 15 months.
So, we can do either
28500- 16% five times
or
28500-(16%*5)
either would give you 5700
i think this is the correct answer
To better understand the problem see the attached figure
we have
Multiply by both sides
Group terms that contain the same variable p and move the constant to the other side of the equation