Answer:
$3,090.64
Step-by-step explanation:
We shall allocate a random letter to each value, with that I explain the formula.
Initial value of investment = $5,003.86 = P
Rate of interest = 3.7% = R
Compounding interval in a year = 365 = I
Total period = 13 years = T
Value of investment in compound interest formula shall be:
Now, putting values in the above equation:
= $8,094.50
Thus, interest earned = Total value of investment on maturity - Initially invested amount
= $8,094.50 - $5,003.86 = $3,090.64
http://goblues.org/faculty/grantm/files/2015/12/Practice-Test-3.7-Solutions.pdf
I think it's question number three. Sorry if the link dosen't work.
Answer:
$5564.87
Step-by-step explanation:
We are to determine the difference between the future values of each investment
The formula for calculating future value:
FV = P (1 + r)^mn
FV = Future value
P = Present value
R = interest rate
N = number of years
m = number of compounding
Madeline
P = Present value = 51,000
R = interest rate = 0.06125 / 365 = 0.000168
N = number of years = 13
m = number of compounding = 365
51,000 x (1.000168)^4745 = 113,070.20
Harper
51,000 x (1.004792)^156 = 107,505.33
Difference = 113,070.20 - 107,505.33 = $5,564.87
Smaller the mosquitoes possibly fly only 9mph a car coming at 60 would destroy mosquito obviously the force of a moving object will move it
