to find the increased amount on a standard term deposit with the following conditions starting amount bgn 13000 type of de
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;
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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;
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
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