1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
umka2103 [35]
3 years ago
13

Use a formula to calculate the amount of money you would have if you invest $3000 at a rate of 5% compounded quarterly, for 3 ye

ars. (Remember y=a(1+r)^n) )
How would this value change if the rate was 1.5% compounded monthly for the same period?
Mathematics
1 answer:
snow_lady [41]3 years ago
3 0

Answer:

At 5% compounded quarterly, the amount of $3,000 would be $3,482.

At 1.5% compounded monthly, the amount of $3,000 would be $3,138.

Step-by-step explanation:

Option 1:

Rate = r = 5%

Times = b = 4

y = a (1 + r)ⁿ

For compounded quarterly the rate of interest and Number of years will be written as follows:

y = a [1 + (r / b)]ⁿᵇ

y = $3,000 [1 + (0.05 / 4]³ ˣ ⁴

y = $3,000 [1 + 0.0125]¹²

y = $3,000 [1.0125]¹²

y = $3,000 x 1.160755

y = $3,482

Option 2:

Rate = r = 1.5%

Times = b = 12

y = a (1 + r)ⁿ

For compounded monthly the rate of interest and Number of years will be written as follows:

y = a [1 + (r / b)]ⁿᵇ

y = $3,000 [1 + (0.015 / 12]³ ˣ ¹²

y = $3,000 [1 + 0.00125]³⁶

y = $3,000 [1.00125]³⁶

y = $3,000 x 1.045998

y = $3,138

Hence As compared to Option 1, Option 2 has low rate of return by $344. Therefore Option 1 should be selected.

You might be interested in
Pls help! the function g is defined as follows for the domain given
Irina-Kira [14]

Answer:

somebvody come get her-

Step-by-step explanation:

:D

8 0
2 years ago
In a 3-digit number, the hundreds digit is four more than the ones digit and the tens digit is twice the hundreds digit. If the
AVprozaik [17]
If the ones digit is "d", the number is (d+4)(2(d+4))(d), and the sum of digits is 4d+12 = 12. Then d=0.

The number is 480.
8 0
2 years ago
Please help asap 25 pts + brainliest to right/best answer
patriot [66]

Look at the picture.

<h3>Answer: d. (-3, 1)</h3>

4 0
3 years ago
A rate in which the first quantity is compared to 1 unit of the second quantity
Ivan

Answer:

it will compare unit to some quanlity to a different number of units of a different queality.

Step-by-step explanation:

a/b=c/d proportions are two fractions that are equal example: 1/2=2/4

7 0
3 years ago
Please help me I will mark brainliest. I’m just double checking to make sure I got it correct
ycow [4]

Answer:

the length of c is 18.43909

Step-by-step explanation:

pythagorean therorem

3 0
2 years ago
Other questions:
  • Point c is at (2,-4).After being reflected across the y-axis ,What are the coordinates at point c
    9·1 answer
  • Brand x copier has improved its copier so that it produces 10% more copies than its old model. if the old model ran 420 copies p
    6·2 answers
  • Explain how to write and evaluate an algebraic expression that represents the situation.
    15·2 answers
  • What are the steps into solving this problem
    7·1 answer
  • Does anyone know the coordinates points for this?
    8·1 answer
  • Robert earns $512.75 less than Noel. John earns 3 times Robert's salary. If the total salary earned by them is $47,645.25, how m
    12·2 answers
  • What is a lifetime cap?
    10·1 answer
  • 10 POINTS Which equation has infinitely many solutions?
    8·2 answers
  • ABCD is a rhombus. Given only the choices below, which properties would you use to prove AEB ≅ DEC by SAS?
    13·1 answer
  • Help plz, this is due in like 4 mins
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!