<span> <span>Solution:
A = P(1+r)^n
where,
A = amount
P = principal
r = rate of interest
n = number of years
Putting values in the formula,
8850 = 2750(1+0.08)^n
8850/2750 = (1+0.08)^n
log will be used to solve "n" as it is in the exponent form, which gives,
log(8850/2750) = n log(1+0.08)
By solving, we get n = log(8850/2750) / log(1+0.08)
Using financial calculator, value comes as 15.187 rounded to 15.19.
So, he will have to wait for 15.19 years to take holidays as it will take 15.19 years to make $8850 from $2750 @ 8% annual compounding.</span> </span>
The correct answer is A. Low interest rate encourage consumers to borrow and spend, while high interest rates encourage saving.
Interest rate is termed as the rate which a bank charges to its borrowers.
Nationally a good interest rat for a loan is 3.7%.
Recession and inflation are some effects of interest rate. We get to hear the federal funds rates if the interest rate falls or rises.
If the interest rate becomes high people will start to spend less to avoid the high cost.
Answer:
thank youuu :))
Explanation:
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If he doesn't want to sit in an office or a laboratory, he could study teaching. Either deal with early education, or study something like languages or history or geography and either deal with working in the field, or with teaching others in the classroom. The possibilities are endless.<span />
