Answer:
1: 11982.79
2: 12136.31
4: 12216.09
12: 12270.46
365: 12297.10
Step-by-step explanation:
The compound interest formula is A=P*(1+r/n)^nt
P=principal amount
r=rate
n=number of compounds per period
t=number of periods
In this situation, the principal amount is 5,000=P. The rate is 6%, so r=0.06. n is equal to the top number in the table. And this is 15 years, so t=15.
For 1, it would be A=5,000*(1+.06/1)^1*15, or A=5,000(1.06^15), or 11982.79.
For 2, it would be 5,000*(1+.06/2)^2*15, or 5,000*(1.03^30), or 12136.31.
And so forth. Good luck
Answer:
See explanation
Step-by-step explanation:
For every question that comes your way, the first step is to understand the question.
The next, is to convert the word problems into algebraic expressions.
Lastly, you solve the expression accordingly.
Take for instance.
Ade has half a dozen eggs. How many dozen does Ade have?
We understand that; half means ½ and a dozen means 12.
So, the expression is
½ * 12 = 6 eggs
