Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.
Sagot :
$54970
11 years = 132 months so the balance will compound 132 times.
Adding 3.8% is the same as multiplying by 1.038
400 x 1.038^132 = 54968.09
Of course the 3.8% interest per month is an effective rate of 56.4% per annum
Ariana should have invested a lot more at this amazing rate of interest.
A more reasonable question would have said the annual rate of 3.8% was compounding monthly
3.8% pa = 0.31666...% per month
400 x 1.0031667^132 = $607.17
Depending on the level of your course this answer makes more sense
11 years = 132 months so the balance will compound 132 times.
Adding 3.8% is the same as multiplying by 1.038
400 x 1.038^132 = 54968.09
Of course the 3.8% interest per month is an effective rate of 56.4% per annum
Ariana should have invested a lot more at this amazing rate of interest.
A more reasonable question would have said the annual rate of 3.8% was compounding monthly
3.8% pa = 0.31666...% per month
400 x 1.0031667^132 = $607.17
Depending on the level of your course this answer makes more sense
Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.
