How much compound interest will an account of $10,000 bear after 5 years at 3% APR, compounded annually?

Mathematics

1 answer:

Novosadov [1.4K]3 years ago

4 0

A=10,000×(1+0.03)^(5)
A=11,592.74

Interest earned
11592.74-10000=1592.74

You might be interested in

According to a poll, 76% of California adults (385 out of 506 surveyed) feel that education is one of the top issues facing Cali

lina2011 [118]

Answer:

The error bound is 3.125%.

Step-by-step explanation:

In a sample with a number n of people surveyed with a probability of a success of $\pi$ , and a confidence interval $1-\alpha$ , we have the following confidence interval of proportions.

$\pi \pm z\sqrt{\frac{\pi(1-\pi)}{n}}$

In which

z is the zscore that has a pvalue of $1 - \frac{\alpha}{2}$ .

For this problem, we have that:

A sample of 506 California adults.. This means that $n = 506$ .

76% of California adults (385 out of 506 surveyed) feel that education is one of the top issues facing California. This means that $\pi = 0.76$

We wish to construct a 90% confidence interval

So $\alpha = 0.10$ , z is the value of Z that has a pvalue of $1 - \frac{0.10}{2} = 0.95$ , so $z = 1.645$ .

The lower limit of this interval is:

$\pi - z\sqrt{\frac{\pi(1-\pi)}{n}} = 0.76 - 1.645\sqrt{\frac{0.76*0.24}{506}} = 0.7288$

The upper limit of this interval is:

$\pi + z\sqrt{\frac{\pi(1-\pi)}{n}} = 0.76 + 1.645\sqrt{\frac{0.76*0.24}{506}} = 0.7913$

The error bound of the confidence interval is the division by 2 of the subtraction of the upper limit by the lower limit. So:

$EBM = \frac{0.7913 - 0.7288}{2} = 0.03125$

The error bound is 3.125%.

3 0

3 years ago

Find the value of 8/15×2/13 Although these numbers aren't quite as nice as the ones from the example, the procedure is the same,

xz_007 [3.2K]

Answer:

$\frac{16}{195}$

Step-by-step explanation:

To obtain the result of a fractions multiplication we need to multiply both numerators and the divide by the multiplication of the denomitators. In general, given a,b,c,d real numbers with b and d not zero, we have that

$\frac{a}{b}*\frac{c}{d}=\frac{a*c}{b*d}$