A math test has 10 multiple-choice questions, each with 3 answers to choose from. If a person taking this test were to guess on
1 answer:
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Principal, P = $500
r =8% = 0.08, the interest rate
n = 1, the compounding interval
t = 6 years
The value after 6 years is
That is,
A = $500*(1 + 0.08)⁶ = $793.44
Answer: $793.44
r =8% = 0.08, the interest rate
n = 1, the compounding interval
t = 6 years
The value after 6 years is
That is,
A = $500*(1 + 0.08)⁶ = $793.44
Answer: $793.44