Ask question

Ask question

All categories

3 years ago

8

Find the balance in an account with $4,250 principal earning 3% interest compounded quarterly after 12 years. Round your answer

to the nearest hundredth.

1 answer:

Marat540 [252]3 years ago

3 0

X = principle ( 1 + rate/compound rate) ^ years

x = 4250[1+(0.3/4)]^12
x = 4250(1+0.075)^12
x = 4250(1.075)^12
x = 4250(2.38178)
x = $10,122.23

You might be interested in

What is the experimental probability of rolling the number 5? Round to the nearest tenth

USPshnik [31]

Dnebhenbee e bejeb e r r. R rnjdknenebebej

7 0

3 years ago

What is (1.6x + 7.3) + (-0.6x + 2) – (7.8 - 3.4x), simplified?

boyakko [2]

4.4x + 1.5 i thinkkkk

3 0

3 years ago

Need help asap important! thanks so much!

a_sh-v [17]

Answer:

You would have $343.37 at the end of the 2 years.

Step-by-step explanation:

Interest earned is like bonus money the bank pays you just for keeping money

$\mathrm{Compund\:Interest\:Formula}:\quad A = P { \left( 1+ \dfrac{ r }{ n } \right) }^{ nt }$

P: the starting balance of the account (also called initial deposit, or principal)

A: the new balance in the account after N years.

t: the number of years or time

r: the interest rate, (in decimal form)

n: the number of times the interest is compounded each year.

Annually = each year = 1

P =$300, r = 7%, t = 2, n = 1, A = ?

Substitute the numbers into the "Compound Interest Formula".

$A = 300 { \left( 1+ \dfrac{ 0.07 }{ 1 } \right) }^{ 1 \times 2 }$

$\mathrm{Anything\:divided\:by\:1\:gives\:itself}$

$A = 300 { \left( 1+0.07 \right) }^{ 1 \times 2 }$

$\mathrm{Add\:1\:and\:0.07\:to\:get\:1.07}$

$A = 300 \times { 1.07 }^{ 1 \times 2 }$

$\mathrm{Multiply\:1\:and\:2\:to\:get\:2}$

$A = 300 \times { 1.07 }^{ 2 }$

$\mathrm{Calculate\:1.07\:to\:the\:power\:of\:2\:and\:get\:1.1449}$

$A = 300 \times 1.1449$

$\mathrm{Multiply\:300\:and\:1.1449\:to\:get\:343.47}$

$A = 343.47$

So you would have $343.37 at the end of the 2 years.

Look at the chart

$\mathrm{Year}\quad \mathrm{Year\: Interest}\quad \mathrm{Total\:Interest}\quad \mathrm{Balance}\\\quad1\quad\quad\quad $21.00\quad\quad\quad\quad $21.00\quad\quad\quad\quad $321.00\\\quad2\quad\quad\quad $22.47\quad\quad\quad\quad $43.47\quad\quad\quad\quad $343.47$

8 0

2 years ago

Rewrite the expression −7/8 − 2 1/4 as the sum of two numbers.

pychu [463]

Answer:

-3 1/8.

Step-by-step explanation:

−7/8 − 2 1/4

= -7/8 + -9/4

= -7/8 - 18/8

= -25/8

= -3 1/8.

4 0

3 years ago

Simplify the expression please help

Mila [183]

Simplify the following:

((-1^3)/(-3)^(-3))^2

1^3 = 1:
((-1)/(-3)^(-3))^2

(-3)^(-3) = 1/(-1)^3×1/3^3 = (-1)/3^3:
((-1)/((-1)/3^3))^2

3^3 = 3×3^2:
((-1)/(-1/(3×3^2)))^2

3^2 = 9:
((-1)/((-1)/(3×9)))^2

3×9 = 27:
((-1)/((-1)/27))^2

Multiply the numerator of (-1)/((-1)/27) by the reciprocal of the denominator. (-1)/((-1)/27) = (-27)/(-1):
((-27)/(-1))^2

(-27)/(-1) = (-1)/(-1)×27 = 27:
27^2

| 2 | 7
× | 2 | 7
1 | 8 | 9
5 | 4 | 0
7 | 2 | 9:
Answer: 729 = 1/729 thus c: is your Answer

3 0

3 years ago