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A $6,300.00 principal earns 6% interest, compounded annually. After 3 years, what is the balance in the account?
A $6,000.00 principal earns 8% interest, compounded semiannually twice a year. After 35 years, what is the balance in the account?
A boat costs $92,000.00 and deprecates in value by 15% per year. How much will the boat be worth after 10 years?
(Step by step help. Teach me how to do this like you're teaching a 10 year old) An investment account earns 4% per year compounded annually. If the initial investment was $4,000.00, how much is in the account after 3 years? Round your answer to the nearest dollar.
like a ten year old?
for the first one, to increase a number by \(6\%\) multiply it by \(100\%+6\%=106\%=1.06\)
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to do it 3 times in succession, multiply it by \((1.06)^3\)
Yes, I need it explained like you're explaining it to a ten year old. Explaining it with the words of algebra 1 makes it hard to understand, so if its told to me with out the algebra language, I'll get it.