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mixas84 [53]
2 years ago
7

Anya's grandparents decide they want to invest at the bank. They have $35,000

Mathematics
1 answer:
Aneli [31]2 years ago
3 0

Anya's parents will have $44,440.71 after 6 years if they invested in a bank.

The interest rate given is an annual rate yet will be compounded quarterly. You therefore need to convert the interest rate to a quarterly rate.

= 4% / 4 quarters

= 1% per quarter

Number of periods:

= Number of years x Number of quarters in year

= 6 x 4

= 24 quarters

The amount they will have in their account is:

<em>= Amount x ( 1 + rate) ^ number of periods </em>

= 35,000 x ( 1 + 1%)²⁴

= $44,440.71

In conclusion, they will have $44,440.71 if they invested their money in a bank for 6 years.

<em>Find out more at brainly.com/question/13861384.</em>

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Step-by-step explanation:

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3 years ago
At a pet store, it costs $5 to wash a cat and $7.50 to wash a dog. Last week, the store made $60 dollars from washing cats and d
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D = number of dogs washed
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3 years ago
What number makes the equation true? Enter the answer in the box,<br> 9-184
Marizza181 [45]

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Step-by-step explanation:

6 0
3 years ago
Read 2 more answers
Jose invested $5000 into a fund with an interest rate of 4.8%. How much interest would he earn after 2 years? A) $240 B) $24,000
pogonyaev

Answer: C) $480  


Step-by-step explanation:

Given: Jose invested $5000 into a fund with an interest rate of 4.8%.

Therefore, Principal amount (P)$5000

Rate of interest = 4.8%

In decimal rate of interest(r)=0.048

Time (t)= 2 years

We know that the simple interest is given by

S.I.=Prt\\\Rightarrow\ S.I.=5000\times0.048\times2\\\Rightarrow\ S.I.=\$480

Hence, the interest after 2 years = $480

6 0
3 years ago
beth has a total of $6000 to invest, part at 6% simple interest and part at 8% simple interest. Her return for one year is $410.
natita [175]
Since interest=investment*interest rate*time in years for simple interest, we know that there are 2 separate investments. If the amount invested at 6% simple interest is x dollars and the amount invested at 8% is y dollars, then we know that x+y=6000 since she spent all 6000 dollars on only 2 separate investments. Subtracting y from both sides, we get that 6000-y=x. In addition, we know that her interest for the 6% interest rate is x*0.06*1 as well as y*0.08*1 for the 8% simple interest. Since the total interest is 410$, we know that x*0.06*1+y*0.08*1=410. Since y=6000-x, we plug that in to get x*0.06+(6000-x)*0.08=410. Using the distributive property to expand, we get x*0.06+480-0.08x=410=-0.02*x+480. Subtracting 480 from both sides, we get -0.02*x=-70. After that, we can multiply both sides by -50 (since -0.02 times -50 is 1) to get x=3500=amount invested at 6%. Since the amount invested at 8% is 6000-x, that equals 6000-3500=2500
6 0
3 years ago
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