Answer:
If Avery decides to deposit $7,000 for 5 years, the bank would be the better deal would be bank is offering a rate of 3%
compounded annually
Step-by-step explanation:
In order to calculate which bank would be the better deal If Avery decides to deposit $7,000 for 5 years, we would have to make the following calculation:
simple interest rate of 32%.
Therefore, I= P*r*t
=$7,000*32%*5
=$11,200.
compound interest rate of 3%
Therefore, FV=PV(1+r)∧n
FV=$7,000(1+0.03)∧5
FV=$8,114.
If Avery decides to deposit $7,000 for 5 years, the bank would be the better deal would be bank is offering a rate of 3%
compounded annually
Answer: 400
Step-by-step explanation:
200-50=150+50=200*2=400
Are you just posting your questions for an assignment?
Answer:
6
Step-by-step explanation:
3x2
