Jack invests $4200 in a savings account paying 5.25% compounded quarterly, how much is in the account after 30 months?
1 answer:
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Answer:
-
Step-by-step explanation:
Step 1: Add the numerator fractions.
2/5 + 3/10
Here we have to find LCD, the LCD of 5 and 10 is 10
(2*2) + 3 4 + 3
Therefore, 2/5 + 3/10 = --------------- = ------------------
10 10
= 7/10
Step 2: Now substitute 2/5 + 3/10 = 7/10 in the given fraction, we get
7/10
= ----------
-7/9
If we have fraction over fraction, we have to find the reciprocal of denominator fraction and multiply.
The reciprocal of -7/9 is -9/7
Step 3: Now multiply 13/10 and -9/7
= (7/10) x (-9/7)
= -9/10
=-9/10
The answer is -