Answer:
$6488.19
Step-by-step explanation:
To solve this problem we use the compounded interest formula:
a = $2600(1+(0.0675/1))¹*¹⁴
a = $6488.19
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2 answers:
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Answer:
He will have $39,750 at the end of five years.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
In this question:
Interest earned:
Total amount:
He will have $39,750 at the end of five years.