Amount must the owner make to have the cost of the ski lift in 5 years is $6,711,045.22.
<h3>
What is compound interest?</h3>
Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on principal plus interest.
A = P(1 + r/n)
P =5,500,000
r =4%= 0.004
n =4
t= 5 years.
Now,
A = P(1 + r/n)
A = 5,500,000.00(1 + 0.04/4)
A = 5,500,000.00(1 + 0.01)
A = $6,711,045.22
Hence, The total amount accrued is $6,711,045.22.
Learn more about compound interest here:
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Answer:
6m
Step-by-step explanation:
<span>Use point slope form which is y-y1=m(x-x1)</span>
Answer:
I don't think you can reduce this number.
Step-by-step explanation:
There is no common factor between the numbers. Thus it stays the same. Hope this helps .