All of the following are examples of indirect labor except a.machine operators b.plant managers c.maintenance personnel d.janito
1 answer:
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Answer:
After 4 years the amount of money in the account will be $10,704.8
The interest earned is $1,204.8
Explanation:
To calculate future value on a certain amount (principal), with compound interest, the formula below is used:
FV = PV ×
where:
FV = Future value
PV = present value = principal = $9,500
r = interest rate in decimal = 3% = 0.03
n = compounding period per year = quarterly = 3 times per year
t = time in years = 4 years
∴ FV = 9,500 ×
FV = 9,500 ×
FV = $10,704.8 (to 1 decimal place)
interest earned = future value - Present value
= 10,704.8 - 9,500 = $1,204.8