Answer:
quarterly N = 4
semi-annually N = 2
Monthly N = 12
annually N = 1
Step-by-step explanation:
Given the following compound interest times :
N = number of times interest is compounded per period :
A period is regarded as a whole year.
Interest compounded;
QUARTERLY = Every 4 months per period = 12/3= 4
SEMI ANNUALLY = Every 6 months per period = 12/6 = 2
MONTHLY = Every month = 12 / 1 = 12
ANNUALLY = Every 12 months = 12 /12 = 1
The first sentence is irrelevant information, you can ignore that!
There are 20 players. Each player paid the <em>same amount. </em>
In total, they payed $500,000.
We need x, the amount a single player pays. x times 20 will give us 500,000. This gives us the equation 20x=500,000
Divide both sides by 20 to isolate the variable.
x=25,000
203---- 100%
x-----148%
x=203*148/100=203*1.48=300.44
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