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Sedbober [7]
3 years ago
5

A 20,000 deposit earns 4.8 interest for 4 years . What is the final account balance if the interest is compounded semiannually ?

Quarterly? Monthly ?
Mathematics
1 answer:
Bad White [126]3 years ago
4 0

Answer:

Semi-annually: A = $24 178.51

Quarterly:         A = $24 205.73

Monthly:           A = $24 224.13

Step-by-step explanation:

The formula for compound interest is

A = P(1 + r)ⁿ

A. Compounded semi-annually

Data:

P = $20 000

APR  = 4.8 %

t = 4 yr

Calculations:

n = 4 × 2 = 8

r = 0.048/2  = 0.024

A = 20 000(1+ 0.024)⁸

  = 20 000 × 1.024⁸

  = 20 000 × 1.208 926

  = $24 178.51

B. Compounded Quarterly

n = 4 × 4 = 16

r = 0.048/4  = 0.012

A = 20 000(1+ 0.012)¹⁶

  = 20 000 × 1.012¹⁶

  = 20 000 × 1.210 286

  = $24 205.73

C. Compounded monthly

n = 4 × 12 = 48

r = 0.048/12  = 0.004

A = 20 000(1+ 0.004)⁴⁸

  = 20 000 × 1.004⁴⁸

  = 20 000 × 1.211 207

  = $24 224.13

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What is 7.2 times 10 to the 7th power times 14.6 x 10 to the 5th power?
Alexxx [7]

7 x 10^{7}  times 14.6 x10^{5}

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6 0
3 years ago
Read 2 more answers
Resolver:
Dafna1 [17]
Aquí está las respuestas y el trabajo de cada una, si tienes alguna pregunta me envías un mensaje o un comentario

3 0
2 years ago
Brian invests $10,000 in an account earning 4% interest, compounded annually for 10 years. Five years after Brian's initial inve
pentagon [3]

Answer:

Brian has $776 more account in his account than Chris.

Step-by-step explanation:

Compound interest Formula:

A=P(1+r)^t

I= A-P

A= Amount after t years

P= Initial amount

r= Rate of interest

t= Time in year

Given that,

Brian invests $10,000 in an account earning 4% interest, compounded annually for 10 years.

Here P = $10,000 , r= 4%=0.04, t=10 years

The amount in his account after 10 years is

A=10000(1+0.04)^{10}

   =$14802.44

  ≈$14802

Five years after Brian's investment,Chris invests $10,000 in an account earning 7% interest, compounded annually for 5 years.

Here P = $10,000 , r= 7%=0.07, t=5 years

The amount in his account after 5 years is

A=10000(1+0.07)^{5}

   =$14025.51

  ≈$14026

From the it is cleared that Brian has $(14802-14026)=$776 more account in his account than Chris.

6 0
2 years ago
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