Mark is investing $8,000 in an account paying 5.5% interest compounded monthly.
1 answer:
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In this picture dots are clearly shown the frequency of the concert.
<h3>What is Frequency?</h3><h3>Frequency refers to the number of times an event or a value occurs. A frequency table is a table that lists items and shows the number of times the items occur.</h3>Here, in given data about the six concerts
Concerts Frequency
0 2
1 2
2 1
3 1
Thus, on number line we mark 2 dots on zero, 2 dots on one, 1 dot on two and 1 dot on 3.
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Answer:
<em>A = $5183.36</em>
Step-by-step explanation:
<u>Compound Interest</u>
It occurs when the interest is reinvested rather than paying it out. Interest in the next period is then earned on the principal sum plus previously accumulated interest.
The formula is:
Where:
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
Abdul deposited P=$4000 into an account with r=2.6% = 0.026 compounded quarterly. Since there are 4 quarters in a year, n=4. We are required to calculate the amount in the account after t=10 years.
Applying the formula:
A = $5183.36