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 is the missing side length in a triangle with angle A = 35°, angle B = 90°, and side a = 7?
+
Question: What is the equation of the hyperbola with center at (0, 0), vertices at (3, 0) and (-3, 0), and foci at (5, 0) and (-5, 0)?
+
Math question: What is the slope-intercept equation of a line passing through the points (-4, 7) and (2, -3)?
+
New questions in Mathematics