Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.
Sagot :
the yearly increase of x% assumes is compounding yearly, so let's use that.
[tex]~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\dotfill &\£95000\\ P=\textit{original amount deposited}\dotfill &\£80000\\ r=rate\to r\%\to \frac{r}{100}\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{yearly, thus once} \end{array}\dotfill &1\\ t=years\dotfill &5 \end{cases}[/tex]
[tex]95000=80000\left(1+\frac{~~ \frac{r}{100}~~}{1}\right)^{1\cdot 5}\implies \cfrac{95000}{80000}=\left( 1+\cfrac{r}{100} \right)^5 \\\\\\ \cfrac{19}{16}=\left( 1+\cfrac{r}{100} \right)^5\implies \sqrt[5]{\cfrac{19}{16}}=1+\cfrac{r}{100}\implies \sqrt[5]{\cfrac{19}{16}}=\cfrac{100+r}{100} \\\\\\ 100\sqrt[5]{\cfrac{19}{16}}=100+r\implies 100\sqrt[5]{\cfrac{19}{16}}-100=r\implies 3.5\approx r[/tex]
Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.
