Answer: 5
Step-by-step explanation:
1. You have the following expression given in the problem above:
2. You can estimate the result by rounding the numerator and the denominator.
3. As you can see, you can round up 97.5 to 100.
4. Then, you can round up 1.96 to 2.
5. Therefore, you have:
6. Therefore, the result is 5.
Answer:
After 9 years the account will be worth 13709.60$
Step-by-step explanation:
We are given the following in the question:
We are given the following in the question:
P = $8000
r = 6% = 0.046
n = 12
The compound interest is given by:
where A is the amount, p is the principal, r is the interest rate, t is the time in years.
Putting the values, we get,
Thus, after 9 years the account will be worth 13709.60$