We have been given that an amount of $53,000 is placed in an investment account that grows at a fixed rate of 2% (compound growth) per year. We are asked to find the amount in the account after 4 years.

To solve our given problem we will use compound interest formula.\

$A=P(1+\frac{r}{n})^{nt}$ , where,

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

t = Time in years.

Let us convert our given rate in decimal form.

$2\%=\frac{2}{100}=0.02$

Upon substituting our given values in compound interest formula we will get,

$A=\$53,000(1+\frac{0.02}{1})^{1*4}$

$A=\$53,000(1+0.02)^{4}$

$A=\$53,000(1.02)^{4}$

$A=\$53,000*1.08243216$

$A=\$57368.90448\approx \$57,369$

Therefore, an amount of $57,369 will be in the account after 4 years.

3 0

3 years ago

How many times does 6 go into 116

eimsori [14]

This is a division problem so we have to do 6÷116. $\\ 116 \ divided \ by \ 6 \ is \ 19 \ remainder \ of \ 2 \\ 
$

4 0

3 years ago

When constructing an equilateral triangle by hand, which step comes after constructing a circle?

KonstantinChe [14]

Answer:

set compass to the radius of the circle

Step-by-step explanation: when constructing an equilateral triangle by hand . circle constructing by set compass to the radius of the circle and rotate it and come to the initial point

4 0

3 years ago

Read 2 more answers

Pls help me on this question

astraxan [27]

Answer:

h < 2

Step-by-step explanation:

Step 1: Distribute

10h + 40 < 60

Step 2: Subtract 40 on both sides

10h < 20

Step 3: Divide both sides by 10

h < 2

4 0

3 years ago