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4 years ago

PLEASE ASAP HELP :(

Mathematics

1 answer:

Andre45 [30]4 years ago

5 0

Answer: Account B is worth the most after 10 years. It will have a value of $21591

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1 + r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

Considering account A,

P = $16000

r = 3% = 3/100 = 0.03

n = 4 because it was compounded 3 times in a year and n = 12/3 = 4

t = 10 years

Therefore,

A = 16000(1 + 0.03/4)^4 × 10

A = 16000(1 + 0.0075)^40

A = 16000(1.0075)^40

A = $21574

Considering account B,

P = $16000

r = 3% = 3/100 = 0.03

n = 12 because it was compounded 12 times in a year.

t = 10 years

Therefore,

A = 16000(1 + 0.03/12)^12 × 10

A = 16000(1 + 0.0025)^120

A = 16000(1.0025)^120

A = $21591

Therefore,

Account B is worth the most after 10 years. It will have a value of $21591

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