Question

Help this is due in 2 minutes

Answer 1

First, convert R as a percent to r as a decimal

r = R/100

r = 8.4/100

r = 0.084 rate per year,

Then solve the equation for A

`A = P(1 + \frac{r} {n})^(nt) \\\\ A = 10,000.00(1 + (0.084)/(12))^((12)(30)) \\\\ A = 10,000.00(1 + 0.007)^((360)) \\\\ A = \$ 123,199.63`

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $10,000.00 at a rate of 8.4% per year compounded 12 times per year over 30 years is $123,199.63.