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brilliants [131]
2 years ago
12

How much money would a person have 8 years after they invested $2,000 into an account that has an annual interest rate of 3% tha

t compounds every other month?
Mathematics
1 answer:
madam [21]2 years ago
4 0

The amount of money the person would have in 8 years s $2541.74.

<h3>How much would the person have in 8 years? </h3>

The formula for calculating future value is:

FV = P (1 + r)^nm]

Where:

FV = Future value
  • P = Present value = $2000
  • R = interest rate = 3% / 12 = 0.25%
  • m = number of compounding = 12
  • N = number of years = 8 years

Value of the account in 8 years with monthly compounding = $2000(1.0025)^(12 x 8) = $2541.74

To learn more about future value, please check: brainly.com/question/18760477

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Step-by-step explanation:

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3 years ago
NEED HELP Find values for a, b, c, and d so that the following matrix product equals the 2X2 identity matrix. Explain or show ho
ehidna [41]

We want to find the values of a, b, c, and d such that the given matrix product is equal to a 2x2 identity matrix. We will solve a system of equations to find:

  • b = 1
  • a = -1
  • c = -2
  • d = -1

<h3>Presenting the equation:</h3>

Basically, we want to solve:

\left[\begin{array}{cc}-1&2\\a&1\end{array}\right]*\left[\begin{array}{cc}b&c\\1&d\end{array}\right] = \left[\begin{array}{cc}1&0\\0&1\end{array}\right]

The matrix product will be:

\left[\begin{array}{cc}-b + 2&-c + 2d\\a*b + 1&a*c + d\end{array}\right]

Then we must have:

-b + 2 = 1

This means that:

b = 2 - 1 = 1

  • b = 1

We also need to have:

a*b + 1 = 0

we know the value of b, so we just have:

a*1 + b = 0

  • a = -1

Now the two remaining equations are:

-c + 2d = 0

a*c + d = 1

Replacing the value of a we get:

-c + 2d = 0

-c + d = 1

Isolating c in the first equation we get:

c = 2d

Replacing that in the other equation we get:

-(2d) + d = 1

-d = 1

  • d = -1

Then:

c  = 2d = 2*(-1) = -2

  • c = -2

So the values are:

  • b = 1
  • a = -1
  • c = -2
  • d = -1

If you want to learn more about systems of equations, you can read:

brainly.com/question/13729904

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3 years ago
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