Answer:
$99
Step-by-step explanation:
Given that :
Rate (r) = 2.7% = 0.027 Compounded quarterly
Final amount (A) = $130
Period (t) = 10 years
Principal = invested amount (p) =?
n = number of compounding tines per period = 12/3 = 4
Using the formula :
A = p(1 + r/n)^nt
130 = p(1 + 0.027/4)^(4*10)
130 = p(1 + 0.00675)^40
130 = p(1.00675)^40
130 = p(1.3087766)
P = 130 / 1.3087766
P = 99.329402
P = $99
Answer: 95810
Step-by-step explanation:
Compound interest formula
A=240000\hspace{35px}t=20\hspace{35px}r=0.046\hspace{35px}n=12
A=240000t=20r=0.046n=12
Given values
240000=
240000=
\,\,P\left(1+\frac{0.046}{12}\right)^{12(20)}
P(1+
12
0.046
)
12(20)
Plug in values
240000=
240000=
\,\,P(1.003833333)^{240}
P(1.003833333)
240
Simplify
240000=
240000=
\,\,P(2.504880829)
P(2.504880829)
Evaluate in calculator
\frac{240000}{2.504880829}=
2.504880829
240000
=
\,\,\frac{P(2.504880829)}{2.504880829}
2.504880829
P(2.504880829)
Divide by 2.504880829
95812.9413769=
95812.9413769=
\,\,P
P
Use calculator
P\approx
P≈
\,\,95810
95810 .
