Please help once again please, we have to show what we multiplied or divided with, the wiggly lines mean about!

Please help once again please, we have to show what we multiplied or divided with, the wiggly lines

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justiceemani12

26.02.2023

Mathematics

We conclude that the total amount accrued, principal plus interest, from compound interest on an original principal of $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.

Step-by-step explanation:

Given

Principle P = $2500

Interest rate r = 5% = 0.05

Time period t = 8 years

To determine

Accrue Amount A = ?

Using the compound interest equation

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

where:

A represents the Accrue Amount

P represents the Principal Amount

r represents the interest rate

t represents the time period in years

n represents the number of compounding periods per unit t

Important tip:

Given that the interest is compounded 6 times each year, therefore, the value of n = 6.

now substituting P = 2500, r = 0.05, t = 8 and n = 6 in the equation

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

$A=2500\left(1+\frac{0.05}{6}\right)^{\left(6\right)\left(8\right)}$

$\:A=2500\left(1+\frac{0.05}{6}\right)^{48}$

$A=2500\times 1.48935$ ∵ $\left(1+\frac{0.05}{6}\right)^{48\:\:}=1.48935$

$A=\:3723.38$ $

Therefore, we conclude that the total amount accrued, principal plus interest, from compound interest on an original principal of $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.

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