Mathematics
03.12.2020 09:12
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What is 10+10 and what is 4+5

What is 10+10
and what is 4+5
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alejandrosaaved1
alejandrosaaved1
4,9(82 marks)

The balance after 15 year is  $831.25 .

Step-by-step explanation:

Formula

Amount = P (1 + r)^{t}

Where P is the principle and r is the rate of interest in the decimal form and t is the time.

As given

Caiden earned $475 from mowing lawns last summer.

He deposited this money in an account that pays an interest rate of 3.8% compounded annually.

Here

P = $475

3.8% is written in the decimal form.

= \frac{3.8}{100}

= 0.038

r = 0.038

t = 15 years

Put in the formula

Amount = 475 (1 + 0.038)^{15}

Amount = 475 (1.038)^{15}

Amount = 475\times 1.75(Approx)

Amount = $831.25

Therefore the balance after 15 year is  $831.25 .

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