We have been given that an account is opened with a balance of $3,000 and relative growth rate for a certain type of mutual fund is 15% per year.
In order to tackle this problem we have to find the value of mutual fund after 5 years. For our purpose we will use compound interest formula.
,where A= amount after t years, P= principal amount, r= interest rate (decimal) and t= number of years.
After substituting our given values in above formula we will get
Now we will solve for A
Therefore, after 5 years mutual fund is worth $6034.07.
Answer:
1
Step-by-step explanation:
Since tan(x) = sin(x)/cos(x), if sin(x) = cos(x) then tan(x) must be 1.
You can even reason that the acute angle is 45° and sin(x)=cos(x) = .