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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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<h3>Exact Answer: (160/3)pi</h3><h3>Approximate Answer: 167.47</h3>

The approximate answer results when you use pi = 3.14, and this approximate answer is rounded to two decimal places

note that (160/3)pi is the same as 160pi/3

========================================================

Work Shown:

r = radius = 4

h = height = 10

V = volume of cone

V = (1/3)pi*r^2*h

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V = 167.46666....

V = 167.47 approximate answer rounded to two decimal places

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charle [14.2K]
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