You invested $100 at 8.2% which is compounded annually for 7 years. How much will your $100 be worth in 7 years?
1 answer:
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Answer: 11.6
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Explanation:
See the attached image for a visual reference
The distance from point D to E is 21 units. Point C is the midpoint, so CD is 10.5 units long (21/2 = 10.5)
We have a right triangle ACD. The legs are
AC = 5
CD = 10.5
The hypotenuse is
AD = x
Because AD is another radius of the same circle
Use the pythagorean theorem to find x
a^2 + b^2 = c^2
5^2 + 10.5^2 = x^2
25 + 110.25 = x^2
135.25 = x^2
x^2 = 135.25
x = sqrt(135.25)
x = 11.629703349613
which rounds to 11.6 when rounding to the nearest tenth (one decimal place)
--------------------------------------
Explanation:
See the attached image for a visual reference
The distance from point D to E is 21 units. Point C is the midpoint, so CD is 10.5 units long (21/2 = 10.5)
We have a right triangle ACD. The legs are
AC = 5
CD = 10.5
The hypotenuse is
AD = x
Because AD is another radius of the same circle
Use the pythagorean theorem to find x
a^2 + b^2 = c^2
5^2 + 10.5^2 = x^2
25 + 110.25 = x^2
135.25 = x^2
x^2 = 135.25
x = sqrt(135.25)
x = 11.629703349613
which rounds to 11.6 when rounding to the nearest tenth (one decimal place)