Question

a formula is given, along with the values of all but one of the variables in the formula. find the value of the variable that is not given.

$m = p(1 + i)^n$; $p = \\$570$, $i = 0.15$, $n = 9$

$m = \\$\square$ (round to the nearest cent as needed.)

Explanation:

Step1: Substitute the given values into the formula

We have the formula \( M = P(1 + i)^n \), and we know that \( P = 570 \), \( i = 0.15 \), and \( n = 9 \). Substituting these values into the formula, we get:
\( M = 570\times(1 + 0.15)^9 \)

Step2: Calculate the value of \( (1 + 0.15)^9 \)

First, calculate \( 1 + 0.15 = 1.15 \). Then, we need to find \( 1.15^9 \). Using a calculator, \( 1.15^9\approx3.517879347 \)

Step3: Multiply by \( P \) to find \( M \)

Now, multiply this result by \( P = 570 \):
\( M = 570\times3.517879347\approx2005.19 \)

Answer:

\( 2005.19 \)