Question - Solving Compound Interest Problem with Incomplete Information
mathcompound interest formulaincomplete informationcompound interest problemsolving compound interest
Solution:
The image shows a compound interest problem where Aladdin invests $20,000 in a savings account that pays compound interest at the rate of r% per year. The interest is compounded quarterly, and the formula shown is for the total amount of the investment at the end of n years. The formula is:Total amount = 20,000 * (1 + r/1000)^(4n)However, to solve for the values of r and n, we would need additional information such as the final total amount or the time period of the investment. Without additional information, there are infinite possibilities for r and n that would satisfy this equation. If there is more data provided, please share it, and I can help you solve for r and n accordingly. Otherwise, it's not possible to determine the values of r and n with the information given.
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