Question

Medal and fan for help with Compound Interest.

Answer 1

Everything's basically a given. What is it you need help understanding?

Answer 2

For the first bank, I used the formula and I got:
1,280,092.02

Answer 3

*029

Answer 4

1000000(1+.0494/52)^52(5)?

Answer 5

Hm,

\(\ A = P(1 + \dfrac{r}{n})^{(n)(t)} \) is used for compounded intervals. Given it's weekly;


\(\ \sf P = 1,000,000 \)

\(\ \sf T = 5 \)

\(\ \sf R = 0.0494 \)

\(\ N = 52 \)

Substitute them:

A = \(\ 1,000,000( 1 + \dfrac{0.0494}{52})^{(52){(5)}} \)
= 1,280,029.02

Answer 6

Alright, how about the second one?
1,000,000(1+.0497/12)^12(1)=
1,050,847.90

Answer 7

Yeah

Answer 8

Thank you, I got the rest!

Answer 9

'Welcome