What I Can Do
Note: A = P( 1 + r/n) nt
A-final amount
P-initial principal balance
Solve for what is asked in the problem. Show your
r-interest rate
solutions
n - number of times interest
applied per time period
t-number of time periods
elapsed.
Warren deposited his P12, 000 in a local bank
in 2019
1. If the bank offers 5% interest rate
compounded annually, how much will be in his bank account in 2028?
2. Suppose he will withdraw the principal in 2028 and will leave the
interest in his account, how much will the interest earn after 5 years?
Answers
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1
Answer:
26&%5%4%$5&34$25%4%%#4%3$"&6%$5'6$ fxvfccv
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