Use compound interest formula: A = P(1 + r)^t and the given information to solve for r
The given information to solve for r are: A = $4,000,000 P = $40,000 t = 40 Please help solve in step by step manner to determine the r...
The given information to solve for r are: A = $4,000,000 P = $40,000 t = 40 Please help solve in step by step manner to determine the r...
The process of calculating compound and simple interest on an investment which might be appreciating or depreciating in value. The step by step explanation will helpful. Thanks for your previous answers...
Suppose $1000 is invested at interest rate k, compounded continuously, and grows to $1144.54 in 3 years. 1) What is the interest rate? 2) What is the exponential growth formula...
$15,000 is invested in an account paying 2.5% annual interest compounded quarterly. Find the amount of money in the account at the end of 10 years. Show work, round your final answer to the nearest...
The following formula is incorrect for compound interest with the symbols defined this way, can someone tell me why? Compound Interest is described by A = P(1+rm)^n,...
You can afford monthly deposits of $140 into an account that pays 3.0% compounded monthly. How long will it be until you have $6,600 to buy a boat? Type the number of months:___ (round to...
Suppose you are managing an account in which you deposit $20,000 at the end of each year for 20 years. How much amount you have accumulated with the assumption that you earn 5% interest compounded...
suppose that you save for retirement by contributing the same amount each month from your 23rd birthday until your 65th birthday in an account that pays a steady 4% annual interest compounded monthly...
Heather received $100 for her 13th birthday. If she saves it in a bank with 3% interest compounded quarterly, how much money will she have in the bank by her 16th birthday? ...
A=P(1+ r/n)nt All work needs to be shown on how answer was calculated a) Calculate the return (A) if the bank compounds semi-annually. Round your...
You deposit $4000 in an account that pays 8% interest compounded semiannually. After 4 years, the interest rate is increased to 8.24% compounded quarterly. What will be the value of the account after...
Is the compound interest formula—such as would be used to calculate a car loan—an example of a function? If yes, of what type of function is it an example of? Why might you identify it with...
Find the value of annuity of a =$8000, I = 0.010, n =25