Use the periodic compound interest formula to solve.
1 answer:
Answer:
$15,539.67
Step-by-step explanation:
Compound Interest Formula
where:
- A = final amount
- P = principal amount
- r = interest rate (in decimal form)
- n = number of times interest applied per time period
- t = number of time periods elapsed
Given:
- P = $11,000
- r = 5.8% = 0.058
- n = 4 (quarterly)
- t = 6 years
Substitute the given values into the formula and solve for A:
Therefore, the value of the investment after 6 years will be $15,539.67 to the nearest cent.
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Answer:
Accelerating to top speed, deaccelerating to finish line.
Step-by-step explanation:
If the runner kept a constant speed of 11 mph for the whole duration of his run (32 minutes), the distance he would have covered is:
This means that, in order to run the full 6.2 miles, the runner needs to reach a speed over 11 mph. Assume he starts from rest, while accelerating the runner reaches, and the surpasses, the 11 mph mark. Since his speed at the finish line is zero, the runner has to deaccelerate from his current running speed (which should be higher than 11 mph), passing through 11 mph and reaching zero at the finish line.