James and Terry open a savings account that has a 2.75% annual interest rate, compounded monthly. They deposit $500 into the acc
1 answer:
Answer:
<h2>Option A is the answer(here the answer is calculated taking the whole value, without approximating it to a nearest value)</h2>Step-by-step explanation:
Annual interest rate is 2.75%. Hence, the monthly interest rate is
The amount will be compounded times.
Every month they deposits $500.
In the first month that deposited $500 will be compounded 240 times.
It will be
In the second month $500 will be deposited again, this time it will be compounded 239 times.
It will give
Hence, the total after 20 years will be
You might be interested in
Answer:
There are 685464 ways of selecting the 5-card hand
Step-by-step explanation:
Since the hand has 5 cards and there should be at least 1 card for each suit, then there should be 3 suits that appear once in the hand, and one suit that apperas twice.
In order to create a possible hand, first we select the suit that will appear twice. There are 4 possibilities for this. For that suit, we select the 2 cards that appear with the respective suit. Since there are 13 cards for each suit, then we have possibilities. Then we pick one card of all remaining 3 suits. We have 13 ways to pick a card in each case.
This gives us a total of 4*78*13³ = 685464 possibilities to select the hand.