x (1 - 0.056 )^5 = 8996.32
.944^5 x = 8996.32
x = 8996.32 /.749652
x = 12000.65
The balance on a car loan after 4 years is $8,996.32. The interest rate is 5.6% compounding annually. What was the initial value of the loan?
An investment made in the stock market decreased at a rate of 4% per year for 5 years. What is the current value of the $1,000,000 investment? Include your calculations in your final answer.
explain how to solve these in steps asap
2 answers
same way
10^6 * 0.96^5
10^6 * 0.96^5
0 answers