Welcome to Westonci.ca, where your questions are met with accurate answers from a community of experts and enthusiasts. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.
Sagot :
After 1 year, the bank paid (5.75/4) percent, 4 times.
The value of the investment is (20,000) times (1 + 0.0575/4) to the 4th power.
(1 + 0.0575/4) = 1.014375
That number to the 4th power is 1.05875... (rounded)
The interest alone is (20,000) times (0.05875...) = $1,175.04
The value of the investment is (20,000) times (1 + 0.0575/4) to the 4th power.
(1 + 0.0575/4) = 1.014375
That number to the 4th power is 1.05875... (rounded)
The interest alone is (20,000) times (0.05875...) = $1,175.04
[tex]P = 20,000 \\ R = 5.75 \\ T = 1 \\ I = \frac{PRT}{100} \\ = \frac{20000 * 5.75*1}{100} \\ = 115000/100 \\ = 1150 $[/tex]
We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.