$7450 is invested at 8.0% compounded continuously. How long will it take for the balance to reach $14900? Round your answer to t
1 answer:
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Answer:
$311.20
Step-by-step explanation:
Here we are required to use the Compound interest formula for finding the Amount at the end of 9th year
The formula is given as
Where ,
A is the final amount
P is the initial amount = $200
r is the rate of interest = 5% annual = 0.05
n is the frequency of compounding in a year ( Here it is compounding monthly) = 12
t is the time period = 9
Now we substitute all these values in the formula and solve for A
Hence the amount after 9 years will be $311.20
Answer:
Yes!
The solution to the equation is n = 2
Step-by-step explanation:
Given the equation
remove the parentheses
Add 3 to both sides
Simplify
Add 2n to both sides
Simplify
Divide both sides by 6
Simplify
Therefore, the value of n = 2.
Hence,
Yes!
The solution to the equation is n = 2