If you deposit P dollars in a savings account and earn compound interest of r% the value of your deposit after t years in the ac
count can be found using the expression P(1+0.04)t. Find the value of $500 after 7 years in a savings account at 4% interest
2 answers:
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Here is the equation:
Since both decimals are negative, the answer will be positive.
- Negative times Negative = Positive
Divide both sides by -3.9 to leave the variable alone:
r is equal to 4 → r = 4