9514 1404 393
Answer:
$20.01
Step-by-step explanation:
In 2004–2012, the interest rate is 0.002%. In 2013, it is 0.004%. In 2014–2021, the interest rate is 0.002%. That is, in the 18 years between 2004 and 2021 (inclusive), the interest rate is 0.002% for 17 of them. The effective account multiplier is ...
(1.00002^17)(1.00004^1) = 1.00038006801
Then the account balance is ...
$20 × 1.00038006801 ≈ $20.01
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<em>Additional comment</em>
The annual interest earned on $20.00 is $0.0004. If the account balance is rounded to the nearest cent annually, at the end of the 18 years, the balance will still be $20.00. Not enough interest is earned in one year to increase the balance above $20. At the end of the 18 years, the amount of interest earned is 0.76¢ (a fraction of a penny) <em>only if there is no rounding in intervening years</em>.
Answer:
If its asking you to round to the nearest tenths place then its 0.2
remember that if the number you're using to round is 5 or higher you add 1. If its 4 or lower it stays the same
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.
The slope is 2. slope is change in the y values divided by change in x values
