Answer:
1.) $408.15 | 2.) $8,039.06 | 3.) 807,837.24 | 4.) $1,163.19
Explanation:
1.) You need to know the exponential growth and decay formula.
The formula: y=ab^x
**For no.1**
Your initial amount is 300 which is the a
You need to do 100%+8% which is 108%
-This needs to be in decimal form: 1.08
4 years is the number of times the interests shall go up
Now do the equation:
y=300(1.08)^4 --> Multiply everything but do exponents first!!
y= $408.146688
$408.15 - This is the answer for no.1 it shall be rounded
**For no.2**
Same thing as last:
y=1500(1.75)^3
y= $8,039.0625
$8,039.06
**For no.3**
y=900(1.12)^60
y= 807,837.24
This had to be approximate
**For no.4**
y=820(1.06)^6
y= 1,163.1856
$1,163.19