Get personalized answers to your specific questions with IDNLearn.com. Get accurate and detailed answers to your questions from our knowledgeable and dedicated community members.
Sagot :
Explanation:
The principal is given below as
[tex]P=7185.81[/tex]The APR is given below as
[tex]r=2.5\%=\frac{2.5}{100}=0.025[/tex]Concept:
To figure out the the compund interest, we will use the formula below
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]For one year, we will have the amount be
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ n=12,t=1 \end{gathered}[/tex]By substituting the values, we would have
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ A=7185.51(1+\frac{0.025}{12})^{1\times12} \\ A=7,185.51(1+\frac{0.025}{12})^{12} \\ A=7367.22 \end{gathered}[/tex]Hence,
The amount ave after 1 year will be
[tex]A=7,367.22[/tex]To calculate the amount for three years, we will have
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ n=12,t=3 \\ \end{gathered}[/tex]By substituting the values, we will have
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ A=7185.51(1+\frac{0.025}{12})^{3\times12} \\ A=7,185.51(1+\frac{0.025}{12})^{36} \\ A=7744.54 \end{gathered}[/tex]Hence,
The amount ave after 3 years will be
[tex]\begin{equation*} 7744.54 \end{equation*}[/tex]
Your participation is crucial to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. Your search for solutions ends at IDNLearn.com. Thank you for visiting, and we look forward to helping you again.
