SOLUTION: Hi I need help with a word problem involving interest rates Please.
P dollars is invested at annual
interest rate r for 1 year. If the interest is compounded
semiannually, then
Algebra.Com
Question 203315: Hi I need help with a word problem involving interest rates Please.
P dollars is invested at annual
interest rate r for 1 year. If the interest is compounded
semiannually, then the polynomial P(1+r/2)^2
represents the value of the investment after 1 year. Rewrite this expression
without parentheses. Evaluate the polynomial if
P= $200 and r= 10%.
My Try: I know I have to substitute the numbers in for the variables, but not sure how to solve after that. 200(1+10%/2)^2 = 200+220/2=110^2=220??
Thanks
Found 2 solutions by MathTherapy, Earlsdon:
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
Value of investment after 1 year =
Rewriting the expression without parentheses, we get:
=
=
Evaluating the polynomial without parentheses, we get:
Value of investment after 1 year = , where P = $200, and r = 10%, or .1
=
= = = $
Answer by Earlsdon(6294) (Show Source): You can put this solution on YOUR website!
1) Rewrite the expression without parentheses.
Distribute the P.
2) Evaluate if P= $200 and r = 10% (or 0.1 in its decimal form).
=
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