Question

help meeeeeeeeeeeeeeeeeeee pleaseeeeeeeeeeeeeeeeeeeee!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!help meeeeeeeeeeeeeeeeeeee pleaseeeeeeeeeeeeeeeeeeeee!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Answer 1

$8551.56

Explanation:

In the equation

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

P is the principal (in this case, the amount loaned to Erica), r is the interest rate, n is the number of times compounded per year (12 in the problem since there are 12 months in a year), and t is the time in years.

By plugging in our principal, rate (converted to a decimal), compounding periods and time, we have:

`A=5300(1+(0.08)/(12))^(12*6)\\ A=5300((151)/(150))^(72)\\ A=8551.561=8551.56`