The formula for calculating compound interest with yearly contributions is:
Balance = X*(1 + Y)^n + Z((1 + Y)^(n + 1) - (1 + Y)/Y)
where the balance is the money earned after n years invested
Y is the interest rate as a fraction
Z is the yearly contribution
X is the starting investment
Therefore the calculation for this example is:
Balance = 1200*(1 + 0.05)^48 + 1200((1.05)^49 - (1.05)/05)
= $249,393.5
Answer:
-44
Step-by-step explanation:
12*2=24
24*3=72
72*4=288
n*(x+1)
288*(4+1)
288*5=1440
Answer:
15
Step-by-step explanation:
16 % (2/5 + 2/3) = 16 % (6/15 + 10/15) = 16 % 16/15 = 16/1 x 15/16 = 240 % 16 = 15
Answer: y = 3x+2
Step-by-step explanation:
slope = (62-32)/(20-10)
point-slope form -> y - 32 = 3(x -10)
y = 3x+2
