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OpenStudy (anonymous):
Can someone help me solve this please? Will rate.
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OpenStudy (anonymous):
OpenStudy (jdoe0001):
use the compound interest equation \(\bf \large balance = principal\left(1+\frac{r}{n}\right)^{nt}\) r = APR in decimal format, 5% = 0.05 t = years n = periods per year, annual compounding means once per year or 1 period per year
OpenStudy (anonymous):
Uhhh
OpenStudy (anonymous):
\[3000\times1.05^{5}=3829\]
OpenStudy (anonymous):
\[3000\times1.05^{20}=7960\]
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