45 STEPS/CALCULTATIONS YOU PERFORMED TO REACH THE ANSWER: To find the oddment eternal rest, the formula of An = a1(rn-1) will be used. The initial equilibrium is $500, the interest is 5%, and the time continue is 10 years. 5% will be listed as 1.05 as the initial balance is 100% plus 5% interest, so 105% is written 1.05. The number of terms is n=10, the scratch term is a1=525, the common ratio is r = 1.05. ! Although the initial balance is $500, a1 = $525 because the first term of the sequence is at the end of the first year, so it mustiness include the interest on the $500. The ending balance seat now be found An = a1(rn-1) A10 = 525(1.05)9 A10 = 525(1.55132822) A10 = 814.447316 814.447316 can be round to 814.45, thus showing that the ending balance after 10 years is $814.45. The formula to solve this problem was found on page 229 in in Mathematics in Our...If you emergency to get a full essay, order it on our website: OrderCustomPaper.com
If you want to get a full essay, visit our page: write my paper
No comments:
Post a Comment