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earnstyle [38]
2 years ago
7

Merle Fonda opened a new savings account. She deposited $40,000 at 10% compounded semiannually. At the start of the fourth year,

Merle deposits an additional $20,000 that's also compounded semiannually at 10%. At the end of six years, what's the balance in Merle's account?
Mathematics
1 answer:
IrinaVladis [17]2 years ago
8 0
Use compound interest formula  F=P(1+i)^n twice, one for each deposit and sum the two results.

For the P=$40,000 deposit,
i=10%/2=5%  (semi-annual)
number of periods (6 months), n = 6*2 = 12
Future value (at end of year 6),
F = P(1+i)^n = 40,000(1+0.05)^12 = $71834.253

For the P=20000, deposited at the START of the fourth year, which is the same as the end of the third year.
i=5% (semi-annual
n=2*(6-3), n = 6 
Future value (at end of year 6)
F=P(1+i)^n = 20000(1+0.05)^6 = 26801.913

Total amount after 6 years
= 71834.253 + 26801.913
=98636.17   (to the nearest cent.)
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Answer:

For Sandra to save up and purchase the mp3 she must save additional $22.

Step-by-step explanation:

This problem requires us to understand the concerns of deficit/balance

Step one

We were told that mp3 cost $95

And Sandra has saved $73

Hence for her to purchase the mp3 she has to save up to $95 which is the benchmark price for the item

Step two :

Hence the amount of money to balance up is

=Cost of mp3- Sandra's savings

= $95-$73

=$22

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3 years ago
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Help me with this math question
s2008m [1.1K]

Answer:

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Step-by-step explanation:

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3 years ago
Kathy has savings a hundred thousand if she invested 100,000 in a saving fund thats adds 5% each year about how much will her sa
jok3333 [9.3K]

Answer:200,000

Step-by-step explanation:

If it increases 5% every year in 20 years it will Have increased 100% therefore the number would have doubled

5 0
3 years ago
Write a system of equations in x and y describing the situation. Do not solve the system. Keiko has a total of $ 5600 comma$5600
IgorLugansk [536]

Answer:

The correct answers are x + y = 5600 and x - y = 700.

Step-by-step explanation:

Write a system of equations in x and y describing the situation. Do not solve the system.

Keiko has a total of $ 5600, which she has invested in two accounts.

Let x be the amount of money in the larger account and y be the amount of money in the smaller​ account.

So, Keiko has invested her $5600 in two accounts x and y.

Thus x + y = 5600.

Also, given by the problem, the larger account (x) is $ 700 greater than the smaller account (y).​

Thus x - y = 700.

Thus the two system of equation in x and y describing the given situation are

x + y = 5600 and x - y = 700

8 0
3 years ago
stephen and bridget win some money and share it in the ratio 5:2. stephen gets £65. how much does bridget get
katen-ka-za [31]

Answer:

Bridget will get the amount as £26.

Step-by-step explanation:

Given:

Amount Stephen gets = £65

Amount shared in ratio = 5:2

We need to find the amount Bridget gets.

Solution:

Let the common factor in the ratio be 'x'.

Amount Stephen gets = 5x

Amount Bridget gets = 2x

But we know that;

Amount Stephen gets = £65

so we can say that;

5x=65

Now dividing both side by 5 we get;

\frac{5x}{5}=\frac{65}{5}\\\\x=13

So now we get;

Amount Bridget gets = 2x=2\times 13 = \£26

Hence Bridget will get the amount as £26.

3 0
3 years ago
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