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You invested $7,000 into a money market account for 10 years at an annual interest rate of 3%. How much is the accrued interest?

steposvetlana [31]

The total interest accrued is $2,407.41 if you invested $7,000 into a money market account for 10 years at an annual interest rate of 3%.

<h3>What is invested amount?</h3>

An investment is a payment made to acquire the securities of other firms with the intention of making a profit.

We are assuming the interest will be compounded annually

$\rm A = P(1+\dfrac{r}{n})^{nt}$

Where A = Final amount

P = Principal amount

r = annual rate of interest

n = how many times interest is compounded per year

t = How long the money is deposited or borrowed (in years)

We have:

P = $7000

r = 3% = 0.03

t = 10 years

n = 1

$\rm A = 7000(1+\dfrac{0.03}{1})^{1\times10}$

After calculating:

A = $9407.41

I = A - P = 9407.41 - 7000 = $2,407.41

Thus, the total interest accrued is $2,407.41 if you invested $7,000 into a money market account for 10 years at an annual interest rate of 3%.

Learn more about the invested amount here:

brainly.com/question/16995381

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4 0

2 years ago

I need help ASAP Integrated math II

Molodets [167]

Answer:

$\boxed{ \bold{ \sf{x = 16}}}$

$\boxed{ \bold{ \sf{m < AFD = 82}}}$

Step-by-step explanation:

$\sf{5x + 18 = 3x + 50}$

( Being vertically opposite angles)

Vertically opposite angles are always equal.

Move variable to L.H.S and change it's sign

Similarly, Move constant to R.H.S and change it's sign

⇒ $\sf{5x - 3x = 50 - 18}$

Collect like terms

⇒ $\sf{2x = 50 - 18}$

Subtract 18 from 50

⇒ $\sf{2x = 32}$

Divide both sides of the equation by 2

⇒ $\sf{ \frac{2x}{2} = \frac{32}{2} }$

Calculate

⇒ $\sf{x = 16}$

The value of x is 16

Now, let's find value of m<AFD :

$\sf{m < afd + 5x + 18 = 180}$ ( sum of angle in straight line )

plug the value of x

⇒ $\sf{m < AFD + 5 \times 16 + 18 = 180}$

Multiply the numbers

⇒ $\sf{m < AFD + 80 + 18 = 180}$

Add the numbers

⇒ $\sf{m < AFD + 98 = 180}$

Move constant to R.H.S and change it's sign

⇒ $\sf{m < AFD = 180 - 98}$

Subtract 98 from 180

⇒ $\sf{m < AFD = 82}$

Value of m<AFD = 82

Hope I helped!

Best regards!!

3 0

3 years ago

Kelly has 4 times as many songs on her music player as Lou. Tiffany has 6 times as many songs on her music player as Lou. Altoge

OlgaM077 [116]

The answer is 248. Working out is in the picture.

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If the outside temperature was 72 yesterday and today is 16 degrees cooler what is today's temperature

Natalija [7]

Answer:

56 degrees Fahrenheit

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3 years ago

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Factor 12y^2 + 5y - 2 completely.

guapka [62]

So the right answer is of option C.

HOPE THIS WILL HELP U...=)

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3 years ago

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