5p - p when you simplify it
we have
Solve for j
Group terms that contain the same variable, and move the constant to the opposite side of the equation
therefore
the answer is
Answer:
$5,591.46
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
P = initial balance
r = interest rate (decimal)
n = number of times compounded annually
t = time
First, change 2.5% into a decimal:
2.5% -> -> 0.025
Since the interest is compounded semiannually, we will use 2 for n. Lets plug in the values now:
The amount in the account after 4.5 years is $5,591.46
To find the amount in the account with compound interest, we use the compound interest formula. Substituting given values into the formula, we can calculate the final amount in the account after the specified time period.
The subject of this question is the calculation of compound interest. In this case, the person is investing $5000 at an interest rate of 2.5%, compounded semiannually, with the principle kept on deposit for 4.5 years.
The formula used to calculate compound interest is: A = P * (1 + r/n)^(nt), where:
Substituting the given values into the formula we get: A = 5000 * (1 + 0.025/2)^(2*4.5). Solving, you obtain the amount in the account after 4.5 years.
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To write an improper fraction as a mixed number, divide the denominator into the numerator. For example, 9/5 to a mixed number would be 1 and 4/5.
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