Solve the matrix equation X-A=B for X if A= [8, -2, -3, 9, -1, 5] and B= [0, 7, 2 -3, -7, -1]
1 answer:
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Answer:
Interest earned = $32.835
Step-by-step explanation:
Given the following data;
Principal = $275
Number of times = 0.5
Interest rate = 2.9% = 0.029
Time = 4 years
To find the interest earned, we would use the compound interest formula;
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
Substituting into the equation, we have;
A = $307.835
Interest earned = 307.835 - 275
Interest earned = $32.835
Answer:
The value of this investment at the end of the 5 years is of $662.5.
Step-by-step explanation:
Compound interest:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
Dina invests $600 for 5 years at a rate of 2% per year compound interest.
This means that . Thus
Calculate the value of this investment at the end of the 5 years.
This is A(5). So
The value of this investment at the end of the 5 years is of $662.5.