To solve this problem, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = final amount
P = principal amount (initial deposit)
r = annual interest rate (as a decimal)
n = number of times interest is compounded per year
t = number of years
In this case, P = $100, r = 5% = 0.05, n = 12 (monthly compounding), and t = 10 years. We need to solve for A.
A = 100(1 + 0.05/12)^(12*10)
A ≈ 100(1.0041667)^(120)
A ≈ 100(1.647009)
A ≈ $164.70
Rounding to the nearest place value, the amount is $164.70.
To express $15,528.23 in the form of a×10^n, we need to find a and n in the equation A = a×10^n.
To do this, we can divide $15,528.23 by $164.70:
15,528.23 / 164.70 ≈ 94.21
This means, $15,528.23 is approximately 94.21 × $164.70.
Therefore, $15,528.23 can be expressed as 94.21×10^2.
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)
2 answers
NOO IT'S
2 x 10^4
2 x 10^4