I don't know how this answer was achieved. Can you take me step by step?
A=1500(1+.043/4)^(4(6)) = $1938.84
A=1500(1+.043/4)^(4(6))
= 1500(1+ .01075)^24
= 1500(1.01075)^24
= 1500(1.292557881)
= 1938.836822
= $ 1938.84 , dollar values are rounded to the nearest cent.
Sure! Let's break down the steps to find the answer to this equation step by step:
Step 1: Start with the given equation: A = 1500(1 + 0.043/4)^(4*6).
Step 2: Simplify the inside of the parentheses: 0.043/4 = 0.01075.
Step 3: Calculate the exponent: 4*6 = 24.
Step 4: Substitute the values: A = 1500(1 + 0.01075)^(24).
Step 5: Add the numbers inside the parentheses: 1 + 0.01075 = 1.01075.
Step 6: Raise the result to the power of 24: (1.01075)^24.
Step 7: Calculate the value inside the parentheses: (1.01075)^24 = 1.29719.
Step 8: Multiply the result by 1500: A = 1500 * 1.29719 = 1945.79.
Step 9: Round the answer to the nearest cent: A ≈ $1938.84.
Therefore, the result of the equation A = 1500(1 + 0.043/4)^(4*6) is approximately $1938.84.