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vfiekz [6]
3 years ago
10

If 47400 dollars is invested at an interest rate of 7 percent per year, find the value of the investment at the end of 5 years f

or the following compounding methods, to the nearest cent.
(a) Annual: $______
(b) Semiannual: $ _____
(c) Monthly: $______
(d) Daily: $_______
Mathematics
1 answer:
levacccp [35]3 years ago
8 0

Answer:

Part A) Annual \$66,480.95  

Part B) Semiannual \$66,862.38  

Part C) Monthly \$67,195.44  

Part D) Daily \$67,261.54  

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

A=P(1+\frac{r}{n})^{nt}  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

Part A)

<u><em>Annual</em></u>

in this problem we have  

t=5\ years\\ P=\$47,400\\ r=0.07\\n=1  

substitute in the formula above  

A=47,400(1+\frac{0.07}{1})^{1*5}  

A=47,400(1.07)^{5}  

A=\$66,480.95  

Part B)

<em><u>Semiannual</u></em>

in this problem we have  

t=5\ years\\ P=\$47,400\\ r=0.07\\n=2  

substitute in the formula above  

A=47,400(1+\frac{0.07}{2})^{2*5}  

A=47,400(1.035)^{10}  

A=\$66,862.38  

Part C)

<em><u>Monthly</u></em>

in this problem we have  

t=5\ years\\ P=\$47,400\\ r=0.07\\n=12  

substitute in the formula above  

A=47,400(1+\frac{0.07}{12})^{12*5}  

A=47,400(1.0058)^{60}  

A=\$67,195.44  

Part D)

<em><u>Daily</u></em>

in this problem we have  

t=5\ years\\ P=\$47,400\\ r=0.07\\n=365  

substitute in the formula above  

A=47,400(1+\frac{0.07}{365})^{365*5}  

A=47,400(1.0002)^{1,825}  

A=\$67,261.54  

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