Mathematics
syreee
2015-11-05 15:48:54
You borrow $600.You pay 5% interest compounded annually. How much do you owe at the end of 4 years?
ANSWERS
snippy
2015-11-05 18:09:08

[latex]f qquad extit{Compound Interest Earned Amount} \\ A=Pleft(1+frac{r}{n} ight)^{nt} quad egin{cases} A= extit{accumulated amount}\ P= extit{original amount deposited} o &$600\ r=rate o 5\% o frac{5}{100} o &0.05\ n= egin{array}{llll} extit{times it compounds per year}\ extit{annually, thus once} end{array} o &1\ t=years o &4 end{cases} \\\ A=600left(1+frac{0.05}{1} ight)^{1cdot 4}[/latex]

ADD ANSWER