Chat with our AI personalities
Compound interest functions can be represented as [(1+i)^t]*n, where i = interest rate t = time n = original number [(1.05)^5]*1500 = $1914.42
102102.52
If compounded, interest = 81.244 and balance = 456.245 If not compounded, interest = 75 and balance = 450
Use the equation I= Prt P= Principal amount(starting)r= Rate as a decimalt=timeI = (55)(0.04)(5)= 11Therefore, he will earn $11 in interest after 5 years.
$4.63