Find the total amount on $12,400 principal compounded monthly at 8% interest after 46 years, 8 485,647.99

$485,647.99

Step-by-step explanation:

Definition:

The notion of compound interest refers to the benefit (or cost) of the principal capital at an interest rate for a certain period of time, in which the interest earned at the end of each period is not withdrawn, but added to the principal capital . Therefore, interest is reinvested.

Formula:

Variables:

A = total amount  

P = principal or amount of money deposited,

r = annual interest rate  

n = number of times compounded per year

t = time in years

Data:

P=$12400 , r=8% , n=12 and t=46 years

Calculation:

A = $485,647.99

Hope this helps!

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step-by-step explanation:

to determine the unit cost your would divide the total cost by the number sold.

7 bagels for $4.41       $4.41/7 = $.63 each at fresh side

5 bagels for $3.60         $3.60/5 = $.72 each at value mart