All categories

3 years ago

Jason’s savings account has a balance of $2179. After 5 years , what will the amount of interest be at 6% compounded quarterly?

Mathematics

1 answer:

satela [25.4K]3 years ago

5 0

Answer:

$755.80

Step-by-step explanation:

Determine the compound amount first and then subtract the principal from it, to find the amount of interest.

The compound amount formula is A = P (1 + r/n)^(nt), where

P is the initial principal, r is the interest rate as a decimal fraction, n is the number of compounding periods per year, and t is the number of years. Here, P = $2179; t = 5 yrs; r = 0.06; and n = 4 (quarterly compounding).

We get:

A = $2179(1 + 0.06/4)^(4*5), or $2179(1.015)^20, or $2179(1.347) = $2937.80.

The compound amount is $2934.80. Subtracting the $2179 principal results in the interest earned: $755.80.

You might be interested in

I don’t quite get the concept yet and i really don’t wanna bother the teacher again :/ please help

IrinaVladis [17]

Answer:

they are asking which claims are true vs false

Step-by-step explanation:

I totally get not wanting to bother our teachers again,... (that is why we're here)

m (AB = 20

m<ABD = 140

m (AD = 60

I think they want to know which ones (based on the "graph") are true,...

7 0

3 years ago

Solve for |2x + 4|-1=7

Rudik [331]

Answer:

x = - 6 or x = 2

Step-by-step explanation:

The absolute value function always returns a positive value. However, the expression inside can be positive or negative.

Given

| 2x + 4 | - 1 = 7 ( add 1 to both sides )

| 2x + 4 | = 8, thus

2x + 4 = 8 ( subtract 4 from both sides )

2x = 4 ( divide both sides by 2 )

x = 2

-(2x + 4) = 8

- 2x - 4 = 8 ( add 4 to both sides )

- 2x = 12 ( divide both sides by - 2 )

x = - 6

As a check

Substitute these values into the left side of the equation and if equal to the right side then they are the solutions.

x = 2 → | 4 + 4 | - 1 = | 8 | - 1 = 8 - 1 = 7 ← True

x = - 6 → | - 12 + 4 | - 1 = | - 8 | - 1 = 8 - 1 = 7 ← True

Hence the solutions are x = - 6 or x = 2

6 0

3 years ago

The weight of baby goats is believed to be Normally distributed, with a mean of 5.75 pounds. The average weight of a random samp

Julli [10]

Answer:

The standard error of the mean is 0.0783.

Step-by-step explanation:

The Central Limit Theorem helps us find the standard error of the mean:

The Central Limit Theorem estabilishes that, for a random variable X, with mean $\mu$ and standard deviation $\sigma$ , a large sample size can be approximated to a normal distribution with mean $\mu$ and standard deviation $\frac{\sigma}{\sqrt{n}}$ .