Find the amount accumulated if $10000 is invested for 5 years at a rate of 5.9% compunded monthly.
1 answer:
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Answer: Mckenzie is correct
<em>I had to reformat this section with the way it was typed, please let me know if I did anything wrong.</em>
<u>Mckenzie's Work</u>
a² + b² = c²
25 + 169 = c²
194 = c²
Square root 194 equals square root c squared.
c ≈ 13.93
<u>Cara's Work</u>
a² + b² = c²
25 + b² = 169
b² = 144
Square root b squared equals square root 144.
b ≈ 12
[] Right away we can tell that <u>Cara is not correct.</u>
-> Cara solves for b. We already have a b value, we need to solve for "c" in the equation.
[] Now let's look at Mckenzie.
-> Mckenzie does solve for the right variable, so let's see if she did it correctly.
-> First, she sets is up using a² + b² = c² since this is a right triangle. Next, she squares 5 to 25 and 13 to 169. Both correct.
-> Now they are added together. 25 + 169 do equal 194 so this looks correct.
-> Last, we square both sides. ≈ 13.928388 which rounds to 13.93, so it looks like <u>Mckenzie is correct</u>.
Have a nice day!
I hope this is what you are looking for, but if not - comment! I will edit and update my answer accordingly.
- Heather
Answer:
<em>Milan will have $4701.73 in his account</em>
Step-by-step explanation:
<u>Final Value in Compound Interest</u>
The compound interest computes each interest earned in a period including the interest earned in the previous periods.
If an initial value or principal P is deposited into an account with an interest rate i, during n periods, the final value FV will be
If the interest is compounded monthly we must convert to the monthly equivalent:
The period of investment must be expressed in months, thus
Now we find the final value
FV=4000(1+0.0045)^36=4701.73
Milan will have $4701.73 in his account