Question

can you help me please? im doing practice questions for when school opens next month and this is the answer i got. is this correct?

Answer 1

Given:

Amount = $3000

Interest rate = 18% per year

A = 3000(1.18)^t

To find:

`(A(12)-A(6))/(12-6)`

Step-by-step solution:

We will now the value in the given expression:

`\begin{gathered} =(A(12)-A(6))/(12-6) \\ \\ =(3000[(1.18)^(12)-(1.18)^6])/(6) \\ \\ =500[7.28-2.69] \\ \\ =500*4.59 \\ \\ =2294.02 \end{gathered}`

From the above calculation, we can say that the average total amount between t = 6 years to t = 12 years is 2294.02

Thus we can say that Option A is the correct answer.