-.25a-4=4
Add for on both sides
-.25a=8
Divide by -.25
A=
Answer:
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Step-by-step explanation:
Solving for the amount of maturity given that it is compounded monthly for 1 year with an interest of 3%, we have the formula and solution below:
A = P (1+r/n)^rn
A = $5,000 (1.040417)
A =$5202.085
For compounded daily, we have the solution below:
A = $5,000 (1.040443)
A = $5202.215
The difference in amount is shown below:
Difference = $5202.215 - $5202.085
Difference = $0.13
