5500(1 + .03)^5
and
25000(1 - .15)^4
see how that works?
8. A balance of $5,500.00 principal earns 3% interest, compounded annually. After 5 years, what is
the balance in the account?
9. A car costs $25,000 and depreciates in value by 15% each year. How much will the tractor be
worth after 4 years?
1 answer
3 answers