Ashley received a $24 discount on a radio she bought for $98.00. What is the percent of discount she saved?
2 answers:
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Answer:
$117,398.71
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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First, change 4.5% into a decimal:
4.5% -> -> 0.045
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
The account balance after 15 years will be $117,398.71