The effective annual interest rate calculations yield:
i = (1 + 0.064/12)^12 - 1 = 0.066
For year 1: the interest amounts to $613.80 (calculating $9300 multiplied by 0.066)
For year 2: the interest totals $654.31 (adding year 1’s interest to $9300 and multiplying by 0.066)
For year 3: the interest is $656.98 (following the same process as year 2)
For year 4: the interest is $657.16
The cumulative interest totals: $2582.25
The present value of this sum is:
P = 2582.23 / (1 + 0.066)^4 = $1999.72
Thus, the final answer is $1999.72.
Calculating (-15)/3 gives -5.
The operation (-15)/3 can be visualized using red tiles for negatives and yellow for positives. The problem asks how many tiles remain when dividing 15 negative tiles among three groups equally. Using red tiles signifies the negative value involved. The division yields 5 red tiles in each group, establishing that the overall answer is negative.
