Explanation:
this simply means to put the given values into the given formula and calculate.
the only thing to really think about : when using the interest rates, r% is used as r/100 in the formula.
P = $5100
I = P(1 + r/n)^(nt) - P =
= 5100(1 + 0.082/2)^(2×3) - 5100 =
= 5100(1 + 0.041)⁶ - 5100 =
= 5100(1.041)⁶ - 5100 =
= 5100×1.272636506... - 5100 =
= 1,390.446182 ≈ $1,390.45
P = $6800
A = P(1 + r/n)^(nt) =
= 6800(1 + 0.067/4)^(4×5) =
= 6800(1 + 0.01675)²⁰ =
= 6800(1.01675)²⁰ =
= 6800×1.394066919... =
= $9,479.655048... ≈ $9,479.66