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Mice21 [21]
3 years ago
8

A man invests $2000 in an account that pays 8.5% interest per year, compounded quarterly. (a) find the amount after 2 years? (ro

und your answer to the nearest cent.)
Mathematics
1 answer:
Inessa [10]3 years ago
4 0

A man invests $2000 into an account that accrues 8.5% interest compounded quarterly. He made the deposit of 2 years , i.e. for 8 quarters ( or 8 compounding periods)

Amount after n years is calculated by following equation :

Amount = Principal * ( 1 + Interest rate per compounding period ) ^ no. of compounding periods

The amount in his account after 2 years = 2000 * ( 1 + 0.085/4) ^ 8

= 2000 * (1.02125 ) ^ 8

= 2000 * 1.18319

= $2366.39

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6 0
2 years ago
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Schach [20]
Let x be the unknown number.

<span>7x + 668 </span><<span> 2000</span>     => 7x plus 668 is less than 2000

where: 
7x => x represents the number of cans to be collected in 7 days
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7x  +  668    <    2000
        - 668           -668
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÷7                        ÷7
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6 0
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