Question

A formula is given, along with the values of all but one of the variables in the formula Find the value of the variable that is not given M=P(1+i)^ n; P=$470, i = 0.05, n=7

Answer 1

`\begin{gathered} M=P\mleft(1+i\mright)^n;P=$470,i=0.05,n=7​$ \\ M=470(1+0.05)^7\text{ (Replacing the values)} \\ M=470(1.05)^7\text{ (Adding the terms within the parentheses first)} \\ M=470(1.407)\text{ (Raising 1.05 to the power of 7)} \\ M=661.34\text{ (Multiplying)} \\ \text{The answer is 661.34} \end{gathered}`