P = 300 $; r = 0.06; t = 20; n = 1
A = P ( 1 + r/n)^n*t
= 300 ( 1 + 0.06) ²⁰
= 300 ( 1.06) ²⁰
= 962.14
Do you have any options to pick from
Answer:
it is rational
Step-by-step explanation:
Answer:
The value of this investment at the end of the 5 years is of $662.5.
Step-by-step explanation:
Compound interest:
The compound interest formula is given by:
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.
Dina invests $600 for 5 years at a rate of 2% per year compound interest.
This means that . Thus
Calculate the value of this investment at the end of the 5 years.
This is A(5). So
The value of this investment at the end of the 5 years is of $662.5.