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ss7ja [257]
3 years ago
6

Blanche bought a 5-year cd for $7100 with an apr of 2.8%, compounded quarterly, but she wants to take all her money out 9 months

early. the early redemption fee for the cd is 3 months' interest on the original principal. help blanche determine how much money she will end up earning in interest on the cd. (5 points: part i – 1 point; part ii – 1 point; part iii – 1 point; part iv – 1 point; part v – 1 point)
Mathematics
1 answer:
katrin2010 [14]3 years ago
4 0
The formula for getting the accumulated amount(compounded) is;
A =P(1+r%)∧n
Where A = Acumulated amount 
            P = principle (deposit)
            r = interest rate and
            n = period
Since the interst is compounded quartly, 
period = (5×4)-3 = 17

A = 7100(1+2.8/100)∧17
   = 7100×1.028∧17
   = 11,353.80

The money she will end up earning in interest on the cd = $11,353.80
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Step-by-step explanation:

We have been given that on a hot Saturday morning while people are working​ inside, the air conditioner keeps the temperature inside the building at 24 degrees C. At noon the air conditioner is turned​ off, and the people go home. The temperature outside is a constant 35 degrees C for the rest of the afternoon. The time constant for the building is 5 ​hr. We are asked to find the temperature inside the building at 4:00 PM.

We will use Newton's law of cooling to solve our given problem.

T(t)=M_0+(T_0-M_0)e^{-kt}, where

T(t) = Temperature after t hours.

M_0 = Temperature of surrounding environment,

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Upon substituting our given values in Newton's cooling law, we will get:

T(t)=35+(24-35)e^{-\frac{t}{5}}

T(t)=35-11e^{-\frac{t}{5}}

To find the temperature at 4:00 pm, we will substitute t=4 in our formula as:

T(4)=35-11e^{-\frac{4}{5}}

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T(4)\approx 30.06

Therefore, the temperature inside building would be approximately 30.06 degree Celsius at 4:00 PM.

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