Question

Help me pleaee with the ,math plro ne

Answer 1

Answer:

$213.41

Step-by-step explanation:

To do this question, you have to use the formula for compound interest:

A=P(1+r/n)^nt

The A is the final amount of money you make which is $237.60. P is your initial amount that you are trying to solve for. R is the rate of interest. However, for r you have to convert the percent into a decimal so divide 1.2 by 100, which would be 0.012. N is the number of times it is compounded annually which is once. And finally, t is the number of years taken, which is 9. If you substitute the numbers into the equation it should look like this:

237.60=P(1+0.012/1)^1*9

If you solve for P, you should get $213.41.

Hope this helps :)