You deposit $
6500
into an account paying
8
%
annual interest compounded monthly. How much money will be in the account after
7
years?

Use the formula A = p(1 + r/n)^(nt).

Here is the set up:

A = 6500[1 + (0.08/4)]^(4•7)

Solve for A.

7 weeks

step-by-step explanation:

convert each fraction to the least common multiple of 20, so 3/4 = 15/20 & 1/10 = 2/20, then divide 15 by 2 and you get a little over 7, so the food will last 7 weeks.

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.