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22 votes
22 votes
Please help ASAP! i have been struggling on this question and need help!

Please help ASAP! i have been struggling on this question and need help!-example-1
User Paolo Mossini
by
3.1k points

1 Answer

18 votes
18 votes

Answer:

841.53

Explanation:

equation for annual intrest is


I*y^x=f

where I is your initial amount, y is equal to
1+(interest /100)

and x is equal to the amount of years you're looking for, with f being the final balance

so for this questions, the equation is as follows


600*(1+7/100)^5=f\\600*1.07^5=f\\600*1.40255=f\\841.53=f\\

User Aigars Matulis
by
2.9k points