To calculate the value of a monthly bank deposit over a period of 10 years, we need to use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment
P = the principal investment amount ($100)
r = the annual interest rate (5% or 0.05 as a decimal)
n = the number of times that interest is compounded per year (12 since it's compounded monthly)
t = the number of years the money is invested for (10 years)
Plugging in the values, we have:
A = $100(1 + 0.05/12)^(12*10)
A = $100(1.0041666666)^(120)
A ≈ $100(1.6487212707)
A ≈ $164.87
Rounding to the nearest place value, the amount is $164.87.
Expressing $164.87 in the form of a * 10^n, we can write it as:
A = 1.6487 * 10^2
It takes 10 years for a $100 monthly bank deposit to amount to $15,528.23 when invested at 5% interest compounded monthly. Round to the nearest place value, then express the amount $15,528.23 in the form of a×10n
where a
is single digit.(1 point)
A=____
3 answers
that's a lot of nice math, but you were told to
Round to the nearest place value, then express the amount $15,528.23 in the form of a×10n where a is single digit
so that would be 2x10^4
Round to the nearest place value, then express the amount $15,528.23 in the form of a×10n where a is single digit
so that would be 2x10^4
Apologies for the misunderstanding.
To round $15,528.23 to the nearest place value and express it in the form of a * 10^n where a is a single digit, we need to look at the digit to the left of 5, which is 2. Since it is less than 5, we round down.
Therefore, $15,528.23 can be expressed as 2 * 10^4.
To round $15,528.23 to the nearest place value and express it in the form of a * 10^n where a is a single digit, we need to look at the digit to the left of 5, which is 2. Since it is less than 5, we round down.
Therefore, $15,528.23 can be expressed as 2 * 10^4.
1 answer