At Westonci.ca, we connect you with the answers you need, thanks to our active and informed community. Discover the answers you need from a community of experts ready to help you with their knowledge and experience in various fields. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.
Sagot :
The formula for compound interest is the following:
A=P(1+r/n)^nt
A=accumulated amount (what we're looking for)
P=Principal amount (initial amount). $800 in this case
r=rate. 0.09 in this case which we get from converting 9% to decimal by dividing by a 100.
n=number of times interest is compounded. In this case semi-annually which means 2
t=time. In this case 4 years
Let's calculate:
A=800(1+0.09/2)^(2*4)
A=800(1+0.045)^8
A=800(1.045)^8
A=800(1.42210061284)
A=1137.68049027
Let's round to the hundredth place (to represent cents) since the amount represents money.
Answer=The balance after 4 years will be $1,137.68
A=P(1+r/n)^nt
A=accumulated amount (what we're looking for)
P=Principal amount (initial amount). $800 in this case
r=rate. 0.09 in this case which we get from converting 9% to decimal by dividing by a 100.
n=number of times interest is compounded. In this case semi-annually which means 2
t=time. In this case 4 years
Let's calculate:
A=800(1+0.09/2)^(2*4)
A=800(1+0.045)^8
A=800(1.045)^8
A=800(1.42210061284)
A=1137.68049027
Let's round to the hundredth place (to represent cents) since the amount represents money.
Answer=The balance after 4 years will be $1,137.68
Answer:
Principal = $ 800
Time = 4 years
Rate of Interest = 9% compounded Semi Annually
[tex]=\frac{9\pr}{2}[/tex]
Time = 4× 2=8 periods
As, we have to find balance after 4 years, so we will use the formula for amount in terms of Compound interest.
Amount(A)
[tex]A=P[1+\frac{R}{100}]^n\\\\ A=800\times [1+\frac{9}{200}]^8\\\\ A=800 \times [\frac{209}{200}]^8\\\\ A=800 \times (1.045)^8\\\\ A=800 \times 1.422\\\\ A=1137.680[/tex]
Balance after 4 years = $ 1137.68
We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.
