## Answers

Formula To find compound Interest

= | final amount | |

= | initial principal balance | |

= | interest rate | |

= | number of times interest applied per time period | |

= | number of time periods elapsed |

Formula can be modified to find principal amount

a)

=12,548.25

b)

=12,463.34

c)

=12419.86

d)

=12,390.48

e)

=12,379.09

f)

=12376.16

g)

=12375.69

h)

=12375.66

i) its instant so you can use formula

=12375.65

It almost becomes after calculating for minutes

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P= A/(1+r/n)nt

P=20,000/(1+0.06/1)1*

P = 20,000/(1+0.06/2)2*8

P=20,000/(1 +0.06/4)***

P = 20,000/(1+0.06/12) 12+8

P = 20,000/(1+0.06/52)52+

We were unable to transcribe this image

P = 20,000/(1+0.06/(365 * 24) 24-365*8

P= 20,000/(1+0.06/(365 * 24 * 60))6024-365+8

P=20,000/et

.
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