please help with 6th grade math? I don't understand this at all!
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ok what can i do
Evergreen bank offers 5% simple interest on deposits. Pot O' Gold bank offers 4% interest compounded annually. Patrick deposited $2000 into each bank to remain 3 years.
A. Find the final balance at Evergreen Bank. Show All Your Work
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I have a b and c too i just wanna do on at a time
For simple interest, the formula is
where P= Present value
R= Interest rate
T= Time ( no. of years)
So, for Evergreen Bank, the interest would be
The final balance would be 2000+300=$2300
For compound interest, the formula is,
here FV= Future value
P= Present value
r= Annual interest rate ( as a decimal)
n= no. of years
So, for Pot O' Gold bank, the final balance would be:
no prob you are welcome
i know how to do the rest now thanks :D
ok anything else just tag me and i will do my best to help answer