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patriot [66]
3 years ago
5

If 2000 dollars is invested in a bank account at an interest rate of 6 percent per year, find the amount in the bank after 7 yea

rs if the interest is compounded monthly
Mathematics
1 answer:
AfilCa [17]3 years ago
6 0

Answer:

$3007.26

Step-by-step explanation:

Step one:

given data

Principal= $2000

rate= 6%= 0.06

time= 7years

Required:

The final amount A

Step two:

the expression for the compound interest is

A= P(1+r)^t

substituting we have

A= 2000(1+0.06)^7\\\\A= 2000(1.06)^7\\\\A=2000*1.50363\\\\A=3007.26

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Gnoma [55]

The expression can be simplified to a polynomial of degree 2.

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<h3>How to simplify the expression?</h3>

Here we have the expression:

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2 years ago
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3 years ago
The median value of a home in a particular market is decreasing exponentially. If the value of a home was initially $240,000, th
icang [17]
1st let's calculate the decreasing rate & let V₁ be the initial value & V₂ the final's

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1) Determine when the value of the home will be 90% of its original value.
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Now let's apply the formula
216,000=240,000,e^(-0.01052t), the unknown is t. Solving it by logarithm it will give t=10 years
1.a) Would the equation be set up like so: V=240e^.09t? NON, in any case if you solve it will find t=1 year

2)Determine the rate at which the value of the home is decreasing one year after : Already calculated above :(r=-0.01052)

3)The relative rate of change : it's r = -0.01052


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