1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Scrat [10]
3 years ago
7

a sum of 1000 invested at an jntrest rate 12% per year. Find the amounts in the account after 3 years if intrest is compounded a

nnualy, semiannually, quarerterly, monthly, and daily.
Mathematics
1 answer:
Lina20 [59]3 years ago
4 0

Given Information:

Annual interest rate = r = 12%

Principal amount = P = $1000

Number of years = t = 3  

Required Information

Accumulated amount = A = ?

Answer:

Annual compounding = A = $1404.93

Semi-annuall compounding = A = $1418.52

Quarterly compounding = A = $1425.76

Monthly compounding = A = $1432.30

Daily compounding = A = $1433.14

Step-by-step explanation:

The accumulated amounts in terms of compound interest is given by  

A = P(1 + i)^N

Where  P is the initial amount invested and A is the accumulated amount.

For annual compounding:

i = 0.12

N = 3

A = 1000(1 + 0.12)^3 \\\\A =  \$ 1404.93

For semiannually compounding:

i = 0.12/2 = 0.06

N = 2*3 = 6

A = 1000(1 + 0.06)^6 \\\\A =  \$ 1418.52

For quarerterly compounding:

i = 0.12/4 = 0.03

N = 4*3 = 12

A = 1000(1 + 0.03)^12 \\\\A =  \$ 1425.76

For monthly compounding:

i = 0.12/30 = 0.004

N = 30*3 = 90

A = 1000(1 + 0.004)^90 \\\\A =  \$ 1432.30

For daily compounding:

i = 0.12/365 = 0.0003287

N = 365*3 = 1095

A = 1000(1 + 0.0003287)^1095 \\\\A =  \$ 1433.14

You might be interested in
A business has $11,080 to spend on new laptops and tablet computers for its salespeople. The laptops cost $515 each. The tablets
tankabanditka [31]
Let x be the number of new laptops and y be the number of tablets that the company should buy. The equations that best show the given conditions are as follows,
                                   x + y = 30
                                515x + 285y = 11080
Solving simultaneously for the values of x and y gives an answer of x = 11 and y = 19.

Thus, the business should buy 11 laptops and 19 tablets.
4 0
3 years ago
Read 2 more answers
I WILL GIVE BRAINLIEST TO WHOEVER IS CORRECT.
lina2011 [118]
(1/2)^2 - 6(2 - (2/3))
(1/4) - 12 + (12/3)
(3/12) - (144/12) + (48/12)
-(93/12)
<u />
or -7.75
4 0
3 years ago
How to find the intersection of -3x+y=9 and 4x-7y=5
pogonyaev
Intersection
x - 7,0
y - 0,-4
3 0
2 years ago
Can someone plss answer the Circled question for the dot plot :)))))
frutty [35]
4 has the most. Sorry if it’s wrong, good day to you
8 0
3 years ago
Read 2 more answers
Determine whether there is positive, a negative, or
Aneli [31]

Answer:

Negative

Step-by-step explanation:

That's the answer........

4 0
3 years ago
Read 2 more answers
Other questions:
  • What is unit rate ?
    12·2 answers
  • Three fair dice are rolled at once. Let X denote the number of dice that land with the same number of dots on top as at least on
    13·1 answer
  • Simplify the following:
    9·2 answers
  • Mathematics<br> problem- a7 = −4
    11·1 answer
  • Can some one plzz help me??​
    13·1 answer
  • Q2.<br>a) Is the equality √a^4 = a valid for all values of a? Explain.<br>​
    10·1 answer
  • WHO WOULD WIN IN A FIGHT?<br> A SHAOLIN MONK vs A NAGA SADHU
    7·1 answer
  • Starwatch camping site charge per person £5 please see attached ​
    13·1 answer
  • A new type of pump can drain a certain pool in 6 hours. An older pump can drain the pool in 12 hours. How long will it take both
    12·1 answer
  • The graph below shows the height of a tunnel f(x), in feet, depending on the distance from one side of the tunnel x, in feet:
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!