3 years ago

What is the amount of a $4,000.00 annuity due at 12 percent compounded semiannually for 3 years?

Mathematics

1 answer:

Dmitriy789 [7]3 years ago

3 0

Answer:

$ 5674.076

Step-by-step explanation:

The question is on compound interest

The formulae = A= P(1+ r/n) ^nt .......where P is the principal amount, r is the rate of interest in decimal, n is number of compoundings per year and t is the total number of years.

Given; P= $4,000.00 , r=12/100=0.12, n=2 and t=3

Substituting values in the equation A= P(1+ r/n) ^nt

A= 4000 ( 1+0.12/2)^2×3

A=4000(1.06)^6

A=$ 5674.08

You might be interested in

You earn $15.00 per hour at your job. If you get a 15% raise at the end of each year, what will your hourly rate, h, be after 6

miv72 [106K]

After 6 years, the hourly rate should be 34.69 (or something around that since you may want to round)

6 0

3 years ago

Read 2 more answers

What is the first step to converting from a fraction to a decimal ?

Lubov Fominskaja [6]

Answer:

To convert a fraction into a decimal, divide the top number by the bottom number. What about with denominators that don't divide into 10, 100 or 1000, such as 7? You still divide the denominator into the numerator, no matter what the numbers are.

Step-by-step explanation:

8 0

4 years ago

I need to find a number that the "n" represents. The problem is 9/12=n/32

likoan [24]

The given equation is

$\frac{9}{12} = \frac{n}{32}$