Question
To find the increased amount on a standard term deposit with the following conditions: starting amount: BGN 13000, type of deposit: annual, annual compound interest rate: 1.4%, after 4 years;
150
likes752 views
Answer to a math question To find the increased amount on a standard term deposit with the following conditions: starting amount: BGN 13000, type of deposit: annual, annual compound interest rate: 1.4%, after 4 years;
Eliseo
4.6111 Answers
First, convert R as a percent to r as a decimal
r = R/100
r = 1.4/100
r = 0.014 rate per year,
Then solve the equation for A
A=P\left(1+\frac{r}{n}\right)^{}^{nt}
A=13,000.00\left(1+\frac{0.014}{1}\right)^{}^{1*4}
A=13,000.00\left(1+0.014\right)^{}^{4}
A=13,000.00\left(1.014\right)^{}^{4}
A= BGN 13,743.43
Answer:
A = BGN 13,743.43
Frequently asked questions (FAQs)
What are the characteristics (foci, major/minor axes, eccentricity) of the ellipse with equation (x^2/16) + (y^2/9) = 1?
+
What is the speed in km/h if a car travels 200 km in 2 hours?
+
What is the median of a dataset with an odd number of elements, where the numbers are 3, 8, 12, 15, 18?
+
New questions in Mathematics