Mathematics: Can yall help what is 80 x 863 0.0

Can yall help what is 80 x 863 0.0 - id808630014232761, carlybeavers50

Danay4600

12.12.2021

Given:

Principal = R573.00

Rate of interest = 9.3% annually

Time = 15 years.

To find:

The amount after 15 years.

Solution:

Formula for amount is:

$A=P\left(1+\dfrac{r}{n}\right)^{nt}$

Where, P is principal, r is the rate of interest in decimal, n is the number of time interest compounded in an year and t be the number of years.

The interest is compounded annually, so n=1.

Putting P=573,r=0.093,n=1,t=15 in the above formula, we get

$A=573\left(1+\dfrac{0.093}{1}\right)^{1(15)}$

$A=573\left(1+0.093\right)^{15}$

$A=573\left(1.093\right)^{15}$

A=2174.98893

$A\approx 2174.99$

Therefore, the amount in the account after 15 years is about R2174.99.

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