Ben bought 1/2 pound of cheese for 3 sandwiches. If he puts the same amount of cheese on each sandwich how much cheese will each sandwich have?

Final answer:

To calculate interest over time, you need to use the compound interest formula because monthly deposits are being made. However, without more information on how frequently the interest was compounded, we can't find the exact total interest earned from a retirement plan with a 2.5% rate over 42 years with $520 monthly deposits.

Explanation:

The question asks how much interest was gained from investing in a retirement plan with a rate of 2.5% over 42 years. The total monthly deposits were $520. To calculate this, we need to use the simple interest formula which is I=PRT, where 'I' is the interest, 'P' is the principal amount (the initial investment), 'R' is the rate of interest, and 'T' is the period of time.

However, in this case, because the deposits were made monthly, this is not a simple interest problem but a compound interest problem. In such cases, the formula to calculate compound interest (which includes the initial investment amount and the interest earned) is A = P (1 + r/n) ^ nt, where:

• 'A' is the amount of money accumulated after n years, including interest.
• 'P' is the principal amount (the initial amount of money)
• 'r' is the annual interest rate (in decimal)
• 'n' is the number of times that interest is compounded per year
• 't' is the time the money is invested for in years

As we don't have enough information to conclude the precise amount (e.g., whether the interest was compounded annually, quarterly, monthly, or daily), we can't calculate the exact value of the interest earned.

Learn more about Compound Interest here:

brainly.com/question/14295570

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