vaizen9621

05.05.2021 • 

Mathematics

A bank pays 8% annual interest compounded at the end of each month an account starts with $600 and no further withdrawals or deposits are made. 1. What is the monthly interest rate?
2. Write an expression for the account balance, in dollars, after one year.
3. What is the effective annual interest rate?​

Ответ:

khalfani0268

26.03.2021

Mathematics

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Simply multiply each term from the first bracket with the 2 terms from the second bracket:

(a - 5) (a + 5) = (a*a + a*5) + (-5*a + -5*5)

= a^2 + 5a - 5a - 25

= a^2 - 25

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