1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
BartSMP [9]
3 years ago
15

$5,000 is deposited today into a bank account. The account earns 7.5% per annum compounded half yearly for the first 6 years, th

en 7.8% per annum compounded quarterly thereafter. Assuming no further deposits or withdrawals are made,
(a) Calculate the account balance six months from today.
Mathematics
1 answer:
kvv77 [185]3 years ago
8 0

Answer:

The account balance six months from today is $5,187.5.

Step-by-step explanation:

This is a compound interest problem

The compound interest formula is given by:

A = P(1 + \frac{r}{n})^{nt}

In which A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.

In this problem, we have that

The total amount formula changes after 6 years, at which point each of the principal(initial money), interest rate, and n changes.

This item asks only the balance six months from today, so we use the information given for the first 6 years.

A is the account balance, the value we hope to find.

The loan is of $5,000. So P = 5,000

The account earns 7.5% per annum compounded half yearly, so r = 0.075, n = 2.

We want to find the account balance in 6 months. However, t is measured in years. So t = \frac{6}{12} = 0.5

Solving the equation:

A = P(1 + \frac{r}{n})^{nt}

A = 5,000(1 + \frac{0.075}{2})^{1}

A = 5,187.5

The account balance six months from today is $5,187.5.

You might be interested in
A 8.33% tax is added to a $120 grocery bill.<br> A. Amount of tax: $9.99<br> B. Total paid: $127.99
katrin2010 [14]
120$. 100%
X$. 8.33%
X= 120• 8.33/100
X=9.99 $
6 0
3 years ago
Please help!
vesna_86 [32]

Answer:

c

Step-by-step explanation:

4 0
2 years ago
PLEASE HELP, i will mark brainliest if you show work!
ArbitrLikvidat [17]
Jack would have $9,317 more than Henry. I can’t really show work, sorry
6 0
3 years ago
A map of Rockbridge County has a scale factor of
malfutka [58]

Answer: 6 inch

Step-by-step explanation:

From the question, we are informed that a map of Rockbridge County has a scale factor of 2.5 in = 5 miles.

When the actual distance from Fairfield to Lexington is 12 miles, the distance on the map will be:

= 12/5 × 2.5

= 2.4 × 2.5

= 6 inch

6 0
3 years ago
On a piece of paper graph y=-2x-4
Snezhnost [94]

Answer:

Use a graphing calc or desmos to help guide you.

Step-by-step explanation:

3 0
3 years ago
Other questions:
  • The table below shows the number of school absences each day.
    5·2 answers
  • The volume of a can (right circular cylinder) is 10 cubic feet. the curved surface area is the area of the side. write the curve
    14·1 answer
  • What is 9 1/6 - 3 2/9?
    5·2 answers
  • The two parallelograms in the graph below are similar. Which sequence of transformations proves that the parallelograms are simi
    14·1 answer
  • Find each product mentally. 7 times 3.8
    7·1 answer
  • Counting with combinations
    9·1 answer
  • Five is the quotient of 120 divided by some number. What is the number? 20 24 115 125
    14·2 answers
  • Milo wants to have his birthday party at a local entertainment center. The center charges a flat fee of $30 for a room and party
    8·2 answers
  • Which term is a perfect square of the root 3x4?
    5·2 answers
  • 22. Sammy walks home from school every day at a rate of 4 miles per hour. It takes him 30 minutes
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!