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
Answer:
its a
Step-by-step explanation:
< means less than and >means greather than
Answer:
Test statistic = - 0.851063
- 2.520463
Step-by-step explanation:
H0 : μ ≥ 15
H1 : μ < 15
Sample mean, xbar = 14.5
Sample standard deviation, s = 4.7
Sample size = 64
Teat statistic :
(xbar - μ) ÷ (s/√(n))
(14.5 - 15) ÷ (4.7/√(64))
= - 0.851063
The critical value at α = 0.05
Using the T - distribution :
Degree of freedom, df = 64 - 1 = 63
Tcritical(0.05, 63) = 1.6694
Test statistic - critical value
-0.851063 - 1.6694
= - 2.520463
Answer:
y=245 * 1.035^t $487.50
Step-by-step explanation:
y=245*1.035^20
y=245*1.9898
y=487.49827
Answer:
the dicount amount is $31.84
Step-by-step explanation:
Hope that helps :)
