Ted bought a fishing pole for $35.99, bait for $16.99, and a pair of shorts for $21.99. He had a coupon for 50% off the shorts o
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Answer:
$24.35
Step-by-step explanation:
We will use the compound interest formula provided to solve this problem:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 1% into a decimal:
1% -> -> 0.01
Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:
Lastly, subtract <em>A </em>from the principal to get the interest earned: