The account balance after 3 years if the interest is compounded continuously is $5,142.62
<h3>How to find compound interest?</h3>
- Principal, P = $4,700
- Time,t = 3 years
- Interest rate, r = 3%
r = 3/100
r = 0.03 rate per year,
A = Pe^rt
A = 4,700.00(2.71828)^(0.03)(3)
= 12,775.916^0.09
A = $5,142.62
Therefore, the account balance after 3 years if the interest is compounded continuously is $5,142.62
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Paying off the entire loan = 12 * 437.26 =
<span>
<span>
<span>
5,247.12
</span>
</span>
</span>
He paid 6 * 437.26 =
<span>
<span>
<span>
2,623.56
</span>
</span>
</span>
He then paid 2,556.03
2,623.56
plus = 2,556.03 =
<span>
<span>
<span>
5,179.59
</span>
</span>
</span>
<span>
<span>
5,247.12
</span>
minus </span><span>5,179.59 =
67.53 the amount of money he saved.
</span>
Answer:
8%
Step-by-step explanation:
27 - 25 = 2
2/25 x 100 = 8%
8% increase
answer is 8%
