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crystalclear99
09.07.2019 •
Mathematics
Suppose you invest $1600 at an annual interest rate at 4.6% compounded monthly. how much money will you have in the account after 4 year?
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Ответ:
Formula for Compound Interest:
Amount = Principle![( 1+\frac{r}{n} )^{nt}](/tpl/images/0067/8937/903c3.png)
Principle = Initial amount
r = interest rate (as a decimal)
n = how many times compounded per year
t = time ( as years)
What we know:
Principle = $1600
r = 4.6% converted to decimal = 0.046
n = compounded monthly so 12 times a year = 12
t = 4
Plug in the known values to the formula to find what the Amount is
Amount = 1600![(1+\frac{0.046}{12}) ^{12*4}](/tpl/images/0067/8937/5f862.png)
Solve
= 1600(1.0038333...)^48
The dots are because it is either a repeating or non repeating decimal and I didn't round till the end.
Do the exponents first because PEMDAS
= 1600(1.201593...)
Amount = $1922.55
Rounded to the nearest cent.
Avoid common errors by-
converting r to a decimal and leaving it a %
making sure that t is in years
making sure that n is the number of time compounded every year
Ответ:
120th caller
Step-by-step explanation:
According to the problem, calculation of the given data are as follows,
$100 bill = 30th caller
Movie tickets = 40th caller
So, to find out first to win both prizes, we will use LCM method,
LCM of 30 and 40 = 10 | 30 , 40
| 3 , 4
LCM of 30 and 40 = 10 × 3 × 4 = 120
Hence, 120th caller will be the first to win both prizes.