Answered

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Which explicit formula can be used to find the account's balance at the beginning of year 15?

Which Explicit Formula Can Be Used To Find The Accounts Balance At The Beginning Of Year 15 class=

Sagot :

Solution

Simple interest is calculated with the following formula: S.I. = P × R × T, where P = Principal, R = Rate of Interest in % per annum, and T = Time, usually calculated as the number of years. The rate of interest is in percentage r% and is to be written as r/100.

here

P = $450

R = 5% = 0.05

T = n - 1

Since Amount = Principal + Interest

Interest = PRT

[tex]\begin{gathered} A(n)=450+\left(n-1\right)(450\times0.05) \\ \end{gathered}[/tex][tex]A(15)=450+(15-1)(450\times0.05)=\$765.00[/tex]

The correct option is C.

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