All categories

2 years ago

Jeremy invests $8, 500 into an account with a 2.4% interest rate that is compounded quarterly. How much money will be in

Mathematics

1 answer:

sertanlavr [38]2 years ago

5 0

Answer:

$9,812.29

Step-by-step explanation:

The amount in Jeremy's account can be computed using the compound interest formula.

<h3>account value</h3>

The formula for the value of an account earning compound interest at annual rate r, compounded n times per year for t years is ...

A = P(1 +r/n)^(nt)

where P is the principal invested.

<h3>formula application</h3>

When P=$8500, r=0.024, n=4, t=6, the formula becomes ...

A = $8500(1 +0.024/4)^(4·6) = $8500(1.006^24) ≈ $9812.29

There will be $9,812.29 in this account after 6 years.

You might be interested in

Select the property of equality used to arrive at the conclusion. If x = 2, then x + 8 = 10 the multiplication property of equal

andrew-mc [135]

The addition property of equality

5 0

3 years ago

Read 2 more answers

Help please<br> What is the value of y in this system of equations? <br>-6x+2y=-18 <br>-3x-2y=54

storchak [24]

Answer:

-6x+2y=-18 = $y = -9 + 3x$

-3x-2y=54 = $y = -27 - \frac{3x}{2}$

Step-by-step explanation:

I hope I understood this correctly.

8 0

3 years ago

What is the volume of a sphere with a diameter of 7.9 ft

vovangra [49]

Answer:

V ≈ 258 ft³

Step-by-step explanation:

I given the diameter d= 7.9 ft so the radius is r = d/2 = 7.9/2 ft

Volume of a sphere is

V = (4/3) π·r³ = (4/3) · π · (7.9/2)³ = 258.1546167 ft³

5 0

3 years ago

in 2010 , a city's population was 55,210 and it was declining at a rate of 1.09% each year. which is the best prediction for whe

Anon25 [30]

Answer: 2023

Step-by-step explanation:

Since, the initial population of the city is 55,210,

And, it is declining at a rate of 1.09%.

Thus, the function that shows the population after x years since 2010 is,

$f(x) = 55210(1-\frac{1.09}{100} )^x$

$f(x) = 55210(1-0.0109)^x$

$f(x) = 55210(0.9891)^x$

If the population of town is 48000 in x years.

⇒ $55210(0.9891)^x= 48000$

⇒ $(0.9891)^x= 0.869407715993$

⇒ $x = 12.769$

Therefore, after 12.769 years the population of town will be equals to 48,000

⇒ After 12.770 years the population will first be below 48,000.

⇒ After approx 13 years the population will first below 48,000.

⇒ Around 2023 the population will be first below 48,000.

3 0

3 years ago

Which statement best describes the area of Triangle ABC shown below?

sergij07 [2.7K]

The answer is b ...........................................................b............b..............

8 0

3 years ago

Read 2 more answers