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29 votes
29 votes
I need help number 4

User Shawanda
by
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1 Answer

9 votes
9 votes

Compound interest formula

A = P ( 1+ r/n) ^ (nt)

where A is the amount in the account

P is the initial pricinpal balance

r is the interest rate

n is the number of times it is compounded per year

t is the number of years

a) A = 24000(1+.049/1) ^ (1*12)

24000(1.049)^12

42610.55

We want to find the interest, which means subtract the original amount

42610.55-24000=18610.55

b)A = 24000(1+.049/12) ^ (12*12)

24000(1.0040833333)^144

43157.52

We want to find the interest, which means subtract the original amount

43157.52 - 24000 =19157.52

c)A = 24000(1+.049/365) ^ (365*12)

24000(1.00013)^4380

43207.51

We want to find the interest, which means subtract the original amount

43207.51 - 24000 =19207.51

Continuously

A = P e ^ rt

A = 24000 e^(.049*12)

A = 43209.22

We want to find the interest, which means subtract the original amount

43209.22- 24000 =19209.22

User Hamidfzm
by
3.4k points