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The shaded thing
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Answer:
The answer is the second answer choice
Step-by-step explanation:
Two thousand dollars is invested at 5.5 percent interest compounded
quarterly for 2 years. Then the amount is $ 2230.88
<u>Solution:</u>
Given that Two thousand dollars is invested at 5.5 percent interest compounded quarterly for 2 years
<em><u>The formula for amount using compounded quarterly is given as</u></em>:
Where, "p" is the principal sum
"R" is the rate of interest
"T" is the number of years
Here in this problem,
P = 2000 ; R = 5.5 ; T = 2 years
Plugging in values in formula we get,
On solving we get,
Hence the amount is $ 2230.88
I think the correct answer is 64
Answer: the total amount after 6 years is 4690
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1 + r/n)^nt
Where
A = total amount of the loan at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount loaned.
From the information given,
P = 2900
r = 8% = 8/100 = 0.08
n = 12 because it was compounded 12 times in a year.
t = 6 years
Therefore,
A = 2900(1 + 0.08/12)^12 × 6
A = 2900(1 + 0.0067)^72
A = 2900(1.0067)^72
A = 4690
