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AlexFokin [52]
4 years ago
6

Suppose that you invest 5873 in an account that earns an interest rate of 4.4% compounded monthly determine the accumulated bala

nce after 7 years
Mathematics
1 answer:
maksim [4K]4 years ago
7 0
Present value, P = 5873
interest rate, i = 4.4%/12 = 0.044/12 per month
Number of periods, n = 7*12 = 84 months.

Future value
F=P(1+i)^n
=5873(1+0.044/12)^{84}
=7986.90   to the nearest cent

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First, combine like terms:

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Now just simplify the coefficients of x and y. We do this by converting each pair of fractions to ones with a common denominator. Then we can combine them easily.

\dfrac56 - \dfrac14 = \dfrac56\cdot\dfrac22 - \dfrac14\cdot\dfrac33 = \dfrac{5\cdot2}{6\cdot2} - \dfrac{1\cdot3}{4\cdot3} = \dfrac{10}{12} - \dfrac3{12} = \dfrac{10-3}{12} = \dfrac7{12}

\dfrac25 + \dfrac3{10} = \dfrac25\cdot\dfrac22 + \dfrac3{10} = \dfrac{2\cdot2}{5\cdot2} + \dfrac3{10} = \dfrac4{10} + \dfrac3{10} = \dfrac{4+3}{10} = \dfrac7{10}

So the simplified expression would be

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Step-by-step explanation:

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