NiyatiQ212649 NiyatiQ212649
  • 29-10-2022
  • Mathematics
contestada

find the compound amount by multiplying the original deposit by 100% plus the compound rate given in the following $1,190 at 9% for 6 years

Respuesta :

JaredS148148 JaredS148148
  • 29-10-2022

the formula is

[tex]M=C(1+i)^n[/tex]

where m is the total

C the initial capital

i the compound rate

and n the period of time

so replacing

[tex]M=1,190(1+0.09)^6[/tex]

and solve

[tex]\begin{gathered} M=1,190(1.09)^6 \\ M=1,190(1.677) \\ M=1,995.75 \end{gathered}[/tex]

the total is $1,995.75

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