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max2010maxim [7]
3 years ago
8

Elton opened a compound interest savings account with $5500 in principal and an interest rate of 2.8%. If interest is compounded

quarterly, how much is in the account after 4 years?
interest compounded quarterly: A = P (1 + r/4)4t

A.
$6149.42

B.
$6142.36

C.
$649.42

D.
$642.36
Mathematics
1 answer:
dusya [7]3 years ago
4 0
Since it's paid quarterly, then the yearly interest of 2.8% should be divided by 4.
Since the payment is I/4th of the year, then the number of payment will 4 times more:
A= P(1+i)ⁿ, and for a period of 4, A = P(1+i/4)⁴ⁿ

A=5500(1+0.028/4)⁴ˣ⁴ = 5500(1+0.028/4)¹⁶ = $6149.42 (answer A)
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So, the area of a parallelogram is the base times the height or

a = b \times h

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the height is 8 cm and the base is 15 cm

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so we plug in 8 for h and 15 for b to get

a = 15 \times 8

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2 years ago
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fenix001 [56]

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3

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4 0
2 years ago
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OleMash [197]

Solution:

<u>Convert the fractions into improper fractions and solve.</u>

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  • => 19/2 ÷ 37/10
  • => 19/2 x 10/37
  • => 19 x 5/37
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<u>Convert the fraction into mixed fraction (Not required):</u>

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The solution to the problem is 2 21/37.

8 0
1 year ago
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