Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Experience the ease of finding accurate answers to your questions from a knowledgeable community of professionals. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
Sagot :
You will earn $81,697.46 the year that you will be 62 years old.
We will use the amount formula while using the concept of compound interest.
We have the formula for amount,
A= P(1+R/100)^n
We have,
p= $37,000
r= 2%
n= 62-22=40
So, earning when you are 62 years old is= $37,000 (1+2/100)^40
= $81,697.46
Since salary is compounded each year on the last year salary, so we use the formula of amount in case of compound interest to calculate our salary at the end of some years.
Simple interest is calculated on the principal, or original, amount of a loan. Compound interest is calculated on the principal amount and the accumulated interest of previous periods, and thus can be regarded as “interest on interest.”
To learn more about compound interest here
brainly.com/question/14295570
#SPJ4
Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.
