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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;

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Eliseo
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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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