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November 23, 2014

November 23, 2014

Posted by **Joy** on Friday, April 17, 2009 at 1:13am.

a) t=10, I=3%

b) t=20, I=3%

c) t=5, I=6%

d) t=5, I=12%

- Algebra -
**drwls**, Friday, April 17, 2009 at 7:46amUse the same formula for each. After t years with annually compounded interest at rate I, the princial value is

P = 500*(1 + I)^t

For the first one,

a) P = 500*(1.03)^10 = $671.96

You can use Google if you don't have a pocket calculator. Just do a search with the expression (1.03)^10 =

http://www.google.com/search?hl=en&ie=ISO-8859-1&q=%281.03%29%5E10+%3D&btnG=Google+Search&aq=f&oq=

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