An investment of $2,000 is earning interest at the rate of 6.2% compounded quarterly over 5 years. Approximately how much intere st is earned on the investment? a.
$724.67
b.
$2127.72
c.
$720.37
d.
$2720.37
2 answers:
A=2,000×(1+0.062÷4)^(4×5) A=2,720.37 Interest earned 2720.37-2000=720.37
Answer:
C. <em>$720.37</em>
Step-by-step explanation:
An investment of $2,000 is earning interest at the rate of 6.2% compounded quarterly over 5 years.
We know that,
here,
A = Future amount,
P = Principal = $2000
r = Rate of interest = 6.2% = 0.062
n = Number of period = 4 (as compounded quarterly)
t = time period = 5 years
Putting the values,
So the interest will be,
You might be interested in
Answer:
OMG I HAVE THE SAME ONEEE let me know when you get it pleaseeeee
Step-by-step explanation:
The correct answer is B)
.
The denominator of the exponent is the root we are taking. The numerator is the exponent of the radicand. This means 3 will be the denominator, since it is a cubed root, and 2 will be the numerator of m while 5 will be the numerator of n.
Answer:
Step-by-step explanation:
In this situation, you would add the two exponents (the little numbers at the top) together for the answer.
Answer:
1,400
Step-by-step explanation:
Evaluate for x=2
100(2^3+2^2+2)
=1400
PLZ give me brainliest
Your answer would be 42.5. Divide 106.25 by 5 (which is 21.25) then multiply 21.25 by 2.