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
4.6110 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 perimeter of a regular hexagon with a side length of 10 cm?
+
Speed of a car is 60 mph. How long will it take to travel 150 miles?
+
What is the limit of the product of two functions f(x) and g(x) as x approaches a?
+
New questions in Mathematics