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
s2008m [1.1K]
3 years ago
10

If $64,000 is invested in an IRA account with an annual interest rate of 8% compounded once a year, what is the value of the acc

ount after 6 years? Round your answer to two decimal places.
Mathematics
1 answer:
Iteru [2.4K]3 years ago
4 0

Answer: the value of the account after 6 years is $101559.96

Step-by-step explanation:

If $64,000 is invested in an IRA account, then

Principal = $64,000

So P = 64,000

The rate at which $64000 was compounded is 8%

So r = 8/100 = 0.08

If it is compounded once in a year, this means that it is compounded annually (and not semi annually, quarterly or others). So

n = 1

We want to determine the value of the account after 6 years, this means

time, t = 6

Applying the compound interest formula,

A = P(1 + r/n)^nt

A = amount after n number of years

A = 64000( 1 + 0.08/1)^1×6

A = 64000(1.08)^6

A= 64000×1.58687432294

A= 101559.956668416

Approximately $101559.96 to 2 decimal places

You might be interested in
Which set of measures would give a clear conclusion about the data. Help please.
adell [148]
<h2>We need more details for this question. We may not understand it because we could not see the data.</h2>

8 0
3 years ago
Is this right. Please help me
My name is Ann [436]

Answer:

ye that is the correct answer

3 0
3 years ago
14 point to brainliest person , HURRY!! PKS
PIT_PIT [208]
I SAY IT THE SECOND OPTION
7 0
3 years ago
Read 2 more answers
A cube's side measures 6xy inches whet is the volume
liubo4ka [24]
For a cube, V = s^3.

The volume is the cube of the side length.

V = s^3

V = (6x^6y^8)^3

To raise a product to an exponent, raise each factor to the exponent.

V = (6^3) \times (x^6)^3 \times (y^8)^3

To raise a power to a power, multiply powers.

V = 216x^{18}y^{24}
8 0
3 years ago
An analyst estimates that a share price has an 80% probability of increasing if economic growth exceeds 3%, a 40% probability of
Harman [31]
14,15,16,17,18,10,45,45)
8 0
3 years ago
Other questions:
  • Terry uses 3 cups of pumpkin seeds to decorate the tops of 12 loaves of bread. She puts an equal amount of seeds on each loaf. H
    5·1 answer
  • How do I do question 9 &amp; 11? Please help thank you!
    8·1 answer
  • What is 90,175,087,309 in expanded form
    15·1 answer
  • Area of a triangle two sides of which are 18 cm and 12 cm <br><br>and the perimeter is 44 cm.​
    12·2 answers
  • Min makes a scale drawing of her rectangular garden using a scale of 1 to 25. Her garden measures 5 meters long by 3 meters wide
    11·1 answer
  • If U = the set of odd natural numbers and B = {13, 15, 17, 19, 21, 23, . . .}, find B′.
    5·2 answers
  • I dont know how to solve this problems
    8·1 answer
  • Mark is 3 less than 4 times as old as tim. Together their ages total 42. How old is mark
    9·1 answer
  • I need help with this peoblem
    14·2 answers
  • PLS HELPPPPP<br> Name the following geometric image
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!