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Round to the nuarest hundredth of a percent. beter deal.

A=P(1+((APR)/(n)))^(ny)

Round to the nuarest hundredth of a percent. beter deal. $\newline$ $A=P\left(1+\left(\frac{A P R}{n}\right)\right)^{n y}$

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Find roots using a calculator

Full solution

Q. Round to the nuarest hundredth of a percent. beter deal.

\newline

A=P\left(1+\left(\frac{A P R}{n}\right)\right)^{n y}

Identify Formula: To find the better deal, we need to calculate the final amount $A$ using the formula $A=P(1+\frac{APR}{n})^{ny}$ , where $P$ is the principal amount, $APR$ is the annual percentage rate, $n$ is the number of times the interest is compounded per year, and $y$ is the number of years.
Determine Example Values: First, we need to know the values of $P$ , $APR$ , $n$ , and $y$ to plug into the formula. Since these values aren't provided, we'll assume some example values to demonstrate the calculation. Let's say $P=\$1000$ , $APR=5\%$ (or $0.05$ as a decimal), $n=4$ (compounded quarterly), and $y=1$ year.
Plug into Formula: Now, plug the values into the formula: $A=1000(1+\left(\frac{0.05}{4}\right))^{4\times 1}$ .
Calculate Parentheses Term: Calculate the term inside the parentheses: $(1+((0.05)/(4))) = 1 + 0.0125 = 1.0125$ .
Calculate Power: Now raise this term to the power of $4$ : $(1.0125)^4$ .
Calculate Final Amount: Using a calculator, we find that $(1.0125)^4 \approx 1.050945$ .
Round to Nearest Hundredth: Multiply this by the principal amount: $1000 \times 1.050945 \approx 1050.945$ .
Round to Nearest Hundredth: Multiply this by the principal amount: $1000 \times 1.050945 \approx 1050.945$ .Round to the nearest hundredth of a percent: $1050.945$ rounds to $1050.95$ .

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