What is the balance after 15 years in a savings account that earns 2% interest compounded bimonthly when the initial deposit is
1000?
1 answer:
The amount will be equal to $1348.07. The correct option is A.
<h3>What is compound interest?</h3>Compound interest is the interest levied on the interest. The formula for the calculation of compound interest is given as:-
Compound Interest Formula:
A = Account Balance
P = Principle/Initial Amount
r = Rate of Interest (decimal)
n = Number of times compounded (per year)
t = Number of Years
Given Information
Account Balance = ?
It is given that the balance after 15 years in a savings account earns 2% interest compounded bi-monthly when the initial deposit is 1000.
This is because we are gaining money, so the multiplier should be greater than 1. We already added 1, which is 100% so you simply add the 0.02 for the extra 2%.
Number of times compounded per year = 6
This is because it is being compounded bi-monthly, or once every 2 months. 12 months divided by 2 months is 6 months, so 6 times a year.
Number of years = 15
Solve by plugging the given values into the formula.
A = 1000 x (1.14)
A = $1348.07.
Therefore, the amount will be equal to $1348.07. The correct option is A.
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Answer:
Rebecca and Dan need to ride on the third day in order to achieve goal of biking.
Step-by-step explanation:
Given:
Goal of Total number of hours of biking in park =20 hours.
Number of hours rode on first day =
So we will convert mixed fraction into Improper fraction.
Now we can say that;
To Convert mixed fraction into Improper fraction multiply the whole number part by the fraction's denominator and then add that to the numerator,then write the result on top of the denominator.
can be Rewritten as
Number of hours rode on first day =
Also Given:
Number of hours rode on second day =
can be Rewritten as
Number of hours rode on second day =
We need to find Number of hours she need to ride on third day in order to achieve the goal.
Solution:
Now we can say that;
Number of hours she need to ride on third day can be calculated by subtracting Number of hours rode on first day and Number of hours rode on second day from the Goal of Total number of hours of biking in park.
framing in equation form we get;
Number of hours she need to ride on third day =
Now we will use LCM to make the denominators common we get;
Number of hours she need to ride on third day =
Now denominators are common so we will solve the numerator we get;
Number of hours she need to ride on third day =
Hence Rebecca and Dan need to ride on the third day in order to achieve goal of biking.
Answer:
Step-by-step explanation:
Given
Required
Determine the number of brownies left
If:
and there are 28 students
Then:
To determine the number of brownies left, we have:
Reorder
Collect Like Terms
<em>Hence, there are 33 brownies left</em>