A car’s odometer measures distance to the nearest 0.1 miles. Which is the most appropriate way to report the distance driven usi
1 answer:
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To find the solution, we will utilize the compound interest formula: 
where
represents the total amount after 
years
tex]P[/tex] indicates the original investment
signifies the interest rate expressed in decimal
shows the frequency of compounding per year
indicates the duration in years
According to our problem, the initial investment is <span>$30,000 with a duration of ten years, thus </span>
and 
. Interest is compounded annually, so 
. To convert the percentage interest rate into decimal, we divide it by 100%
Now, we can insert these values into our formula:
Substituting with 
:
Consequently, we find that the correct answer is D.
Finally, to determine <span>the total amount Yolanda will have after ten years, we just need to carry out the operations in our equation:
</span>
Thus, we conclude that Yolanda will end up with $64,170.54 in her account after a decade of earning <span>at a compound interest rate of 7.9% yearly.</span>
where
tex]P[/tex] indicates the original investment
According to our problem, the initial investment is <span>$30,000 with a duration of ten years, thus </span>
Now, we can insert these values into our formula:
Substituting
Consequently, we find that the correct answer is D.
Finally, to determine <span>the total amount Yolanda will have after ten years, we just need to carry out the operations in our equation:
</span>
Thus, we conclude that Yolanda will end up with $64,170.54 in her account after a decade of earning <span>at a compound interest rate of 7.9% yearly.</span>
Step-by-step explanation:
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