10. Mike and Julie receive $20,000 in gifts from friends and relatives for their wedding. They deposit the money into an account that pays 2.75% interest,
compounded daily.
a. Will their money double within 10 years?
b. Will their money double within 15 years?

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.

open side up . . 1/50 . . 2%

closed side up . . 5/50 . . 10%

landed on side . . 44/50 . . 88%