Question

you invest 4100 in an account that pays an interest rate of 7.25% calc the balance after eight years i got 43218.24 but i also have been gettin them all wrong please help me

Answer 1

1. convert the percent of 7.25 to decimal (so you divide 7.25 by 100 = 0.0725)
2. now set up this equation
T = total $
y = years
\[\large $4100 + 0.0725y = T\]

Answer 2

do you understand how i got that equation?

Answer 3

yes I didn't divide the rate before thank you

Answer 4

no problem :)

Answer 5

what would my answer be cause I got a crazy number

Answer 6

\[$4100 + 0.0725(8) = T\]

Answer 7

solve for t

Answer 8

I cant believe I made that mistake XD tank you I got 4100.58