If you want to apply a minor tweak to the document, it should not take long to Deposit equation title. This type of simple action does not have to demand additional education or running through handbooks to understand it. Using the proper document modifying resource, you will not take more time than is needed for such a swift edit. Use DocHub to streamline your modifying process regardless if you are a skilled user or if it is your first time making use of an online editor service. This tool will take minutes or so to learn to Deposit equation title. The sole thing needed to get more productive with editing is actually a DocHub account.
A plain document editor like DocHub will help you optimize the time you need to devote to document modifying regardless of your prior experience with such resources. Make an account now and boost your productivity instantly with DocHub!
- HOW MUCH WOULD YOU NEED TO DEPOSIT IN AN ACCOUNT NOW IN ORDER TO HAVE $3,000 IN THE ACCOUNT IN FIVE YEARS? ASSUME THE ACCOUNT EARNS 3% INTEREST COMPOUNDED MONTHLY. WELL BE USING THE COMPOUNDED INTEREST FORMULA TO SOLVE THIS PROBLEM. IF WE TAKE A LOOK AT THESE TWO FORMULAS HERE BELOW, THEY ARE EQUIVALENT BUT USE DIFFERENT VARIABLES TO REPRESENT THE SAME QUANTITIES. THIS FIRST FORMULA IS PROBABLY A MORE COMMON COMPOUNDED INTEREST FORMULA, BUT OUR TEXT BOOK DOES USE THIS FORM OF THE EQUATION HERE. WHERE THE ACCOUNT BALANCE AFTER A CERTAIN AMOUNT OF TIME IN THIS FORMULA IS A, IN THIS FORMULA ITS P SUB N, P IN THIS FORMULA AND P SUB ZERO IN THIS FORMULA REPRESENT THE STARTING AMOUNT OR THE PRESENT VALUE OR AS THE ANNUAL INTEREST RATE EXPRESSES A DECIMAL IN BOTH FORMULAS. IN THIS FIRST FORMULA, N IS THE NUMBER OF COMPOUNDS PER YEAR. NOTICE HOW N OCCURS HERE AND HERE. IN OUR SECOND FORMULA, K IS THE NUMBER OF COMPOUNDS PER YEAR WHICH OCCURS HERE AND HERE. AND THEN FINA