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Arlecino [84]
3 years ago
12

Tamira invests $5,000 in an account that pays 4% annual interest. How much will there be in the account after 3 years if the int

erest is compounded annually, semi-annually, quarterly, or monthly?
Mathematics
1 answer:
Talja [164]3 years ago
8 0

Answer:

There will be $5624.32 in the account after 3 years if the interest is compounded annually.

There will be $5630.812 in the account after 3 years if the interest is compounded semi-annually.

There will be $5634.125 in the account after 3 years if the interest is compounded quarterly.

There will be $5636.359 in the account after 3 years if the interest is compounded monthly

Step-by-step explanation:

Tamira invests $5,000 in an account

Rate of interest = 4%

Time = 3 years

Case 1:

Principal = 5000

Rate of interest = 4%

Time = 3 years

No. of compounds per year = 1

Formula :A=P(1+r)^t

A=5000(1+0.04)^3

A=5624.32

There will be $5624.32 in the account after 3 years if the interest is compounded annually.

Case 2:

Principal = 5000

Rate of interest = 4%

Time = 3 years

No. of compounds per year = 2

Formula : A=P(1+\frac{r}{n})^{nt}

A=5000(1+\frac{0.04}{2})^{2 \times 3}

A=5630.812

There will be $5630.812 in the account after 3 years if the interest is compounded semi-annually.

Case 3:

Principal = 5000

Rate of interest = 4%

Time = 3 years

No. of compounds per year = 4

Formula : A=P(1+\frac{r}{n})^{nt}

A=5000(1+\frac{0.04}{4})^{4 \times 3}

A=5634.125

There will be $5634.125 in the account after 3 years if the interest is compounded quarterly.

Case 4:

Principal = 5000

Rate of interest = 4%

Time = 3 years

No. of compounds per year = 4

Formula :A=P(1+\frac{r}{n})^{nt}

A=5000(1+\frac{0.04}{12})^{12 \times 3}

A=5636.359

There will be $5636.359 in the account after 3 years if the interest is compounded monthly

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The discount on a pack of socks is 15%. It is on sale for $17. What is the original price of the pack of socks?
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Answer:

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Step-by-step explanation:

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stiks02 [169]

Answer:

Nolan correctly identified the square  numbers before and after 18.

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In ΔDEF, the measure of ∠F=90°, DF = 24, FE = 7, and ED = 25. What ratio represents the sine of ∠E?
kumpel [21]

Answer:

24/25

Step-by-step explanation:

In this triangle DF and FE are legs (because they form the right angle) , ED is the hypotenuse (it is the largest side, it is opposite to the right angle).

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Maria invests $6,154 in a savings account with a fixed interest rate of 8% compounded continuously. What will the account balanc
Vitek1552 [10]

Answer:

$13,695.98

Step-by-step explanation:

We can use the continuous compound interest formula to solve:

A = Pe^{rt}

<em>P = principal amount</em>

<em>r = interest rate (decimal)</em>

<em>t = time (years)</em>

<em />

First, lets change 8% into a decimal:

8% -> \frac{8}{100} -> 0.08

Now, lets plug in the values:

A=6,154e^{0.08(10)}

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The account balance after 10 years will be $13,695.98

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3 years ago
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