He would have $100 in his bank account from the information provided
Answer:
The answer is 43.52 you're welcome
Answer:
Step-by-step explanation:
Rounding decimals is very simple you just have to follow two steps. First is choosing up to which digit you want to round (target digit) for example you can round to the nearest whole number (23) or the nearest tenth (23.02). Next, you simply have to look at the number after the digit you want to round to and determine whether that digit is bigger or smaller than 5 and do the following.
if it is greater than 5, you round up ... 23.016 => 23.02
if it is less than 5, you round down (target digit stays the same) ... 23.012 => 23.01
if it is equal to 5, you choose ... 23.015 => 23.01 or 23.02
Answer:
a) The present value is 688.64 $
b) The accumulated amount is 1532.60 $
Step-by-step explanation:
<u>a)</u><u> The preset value equation is given by this formula:</u>
where:
- T is the period in years (T = 10 years)
- r is the annual interest rate (r=0.08)
So we have:
Now we just need to solve this integral.
The present value is 688.64 $
<u>b)</u><u> The accumulated amount of money flow formula is:</u>
We have the same equation but whit a term that depends of τ, in our case it is 10.
So we have:
The accumulated amount is 1532.60 $
Have a nice day!