At Westonci.ca, we provide clear, reliable answers to all your questions. Join our vibrant community and get the solutions you need. Join our Q&A platform to connect with experts dedicated to providing precise answers to your questions in different areas. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.
Sagot :
After t years, the expression that can be used to represent the money in Andres's account is A = P(1 + r/n)^nt
Compound interest Computation
Given Data
- Principal P = $500
- Rate r = 2.5%
- Time t = 3 years
A = P + I where
P (principal) = $500.00
I (interest) = $38.45
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 2.5/100
r = 0.025 rate per year,
Then solve the equation for A
A = P(1 + r/n)^nt
A = 500.00(1 + 0.025/1)^(1)(3)
A = 500.00(1 + 0.025)^(3)
A = $538.45
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $500.00 at a rate of 2.5% per year compounded 1 times per year over 3 years is $538.45.
Learn more about compound interest here:
https://brainly.com/question/24924853
Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.