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2 years ago

14

you have $560 in an account which pays 4.9% annually. If you invest your money for 7 years, then how many dollars of interest wi

ll you earn by the end of the term?

1 answer:

Ipatiy [6.2K]2 years ago

5 0

Answer:

87654

Step-by-step explanation:

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$K=\$10,000\ \ \ and\ \ \ Sum=K\cdot(1+ \frac{p}{100})^n\\----------------------- \\1)\ \ \ 7\%\ quarterly\\\\ \ \Rightarrow\ \ \frac{1}{4} \cdot7\% =1.75\%\ \ annually\ \ \Rightarrow\ \ p=1.75\\\\ quarterly\ \Rightarrow\ \ 4\ times\ annually\ \Rightarrow\ \ 16\ times\ in\ 4\ years\ \Rightarrow\ \ n=16\\\\Sum(7\%)=\$10,000\cdot(1+ \frac{1.75}{100})^{16}=\\ \\.\ \ \ \ \ \ \ \ \ \ \ \ =\$10,000\cdot(1+0,0175)^{16}\approx\$13199.29\\------------------------\\$

$2)\ \ \ 6.94\%\ daily\\\\ \ \Rightarrow\ \ \frac{1}{365} \cdot6.94\% \approx0.019\%\ \ annually\ \ \Rightarrow\ \ p=0.019\\\\ daily\ \Rightarrow\ 365\ times\ annually\ \Rightarrow\ 1420\ times\ in\ 4\ years\ \Rightarrow\ n=1420\\\\Sum(6.94\%)=\$10,000\cdot(1+ \frac{0.019}{100})^{1420}=\\ \\.\ \ \ \ \ \ \ \ \ \ \ \ =\$10,000\cdot(1+0,00019)^{1420}\approx\$13096.69\\---------------------------\\\$13,199.29 > \$13,096.69\\\\Ans.\ the\ larger\ amount\ gives\ the\ compounded\ quarterly.$

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Answer:

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Step-by-step explanation:

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Group of answer choices

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