The price changed by $42 over the course of seven weeks
Answer:
First and Second option choices
Step-by-step Explanation:
1st case:
Initial deposit (P) = 500
Annual interest rate (r) = 2.5%
Account balance after x years, y = P(1+r/100)×
y = 500(1+2.5/100)×
y = 500(1+0.025)×
y = 500(1.025)×
2nd case:
Initial deposit (P) = 400
Annual interest rate (r) = 2%
Account balance after x years, y = P(1+r/100)×
y = 400(1+2/100)×
y = 400(1+0.02)×
y = 400(1.02)×
Answer: $76,244.51
Step-by-step explanation:
You need to use the compound interest formula here.
First of all however, you need to convert the terms to monthly figures because the interest is compounded monthly.
4% in months = 4 / 12 = 4/12%
6 years = 6 * 12 = 72 months
Now use the compound interest formula:
= Amount * (1 + rate) ^ number of years
= 60,000 * ( 1 + 4/12%) ⁷²
= $76,244.51
11! = 39,916,800
The erased digits are 1, 0, 0.
