Heather has a combination of dimes and quarters in her piggy bank If Heather has a total of 43 coins and the value the piggy ban
1 answer:
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The equation will determine how much money Bevo will have in his account after 9 years
Step-by-step explanation:
The formula for compound interest, including principal sum is
, where:
- A is the future value of the investment/loan, including interest
- P is the principal investment amount (the initial deposit or loan amount)
- r is the annual interest rate (decimal)
- n is the number of times that interest is compounded per unit t
- t is the time the money is invested or borrowed for
Bevo has $5000 to invest. Bank A offers a savings account that has an APR of 1.15% and compounds monthly
We need to find Which equation will determine how much money Bevo will have in his account after 9 years
Because there is no choices we will write the equation
∵ Bevo has $5000 to invest
∴ P = 5000
∵ Bank A offers a savings account that has an APR of 1.15%
and compounds monthly
∴ r = 1.15% = 1.15 ÷ 100 = 0.0115
∴ n = 12 ⇒ compounds monthly
∵ t = 9
- Substitute all of theses values in the formula below
∵
∴
∴
The equation will determine how much money Bevo will have in his account after 9 years
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You can learn more about the interest compound monthly in brainly.com/question/4361464
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