At the end of each quarter, Patti deposits $500 into an account that pays 12% interest compounded quarterly. How much will Patti
1 answer:
Answer:
a.$7,096
Step-by-step explanation:
- total amount A = s(\frac{(1+\frac{r}{n}) ^{n*t}-1 }{\frac{r}{n} } )[/tex]
[this is the formula used when certain amount is added at regular intervals and if the interest is COMPOUNDED]
(here,
s=deposit added at the end of each quarter= $500
n= number of times interest is compounded per unit 't'=4
t=total time = 3 years
r=interest rate ( expressed in decimal or fraction not in %) = 12/100 = 0.12 )
- A= 500(\frac{(1+\frac{0.12}{4}) ^{4*3}-1 }{\frac{0.12}{4} } )[/tex]
- by solving further,
A
( [1.03]^12= 1.42576 ( approximately) { use calculator for exact values})
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Step-by-step explanation:
Consider the provided information.
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Answer:
Step-by-step explanation:
Arithmetic sequence:
a = first term = 4
d = common difference = second term - first term
= 9 - 4
d = 5
= 4 + (n - 1) *5
= 4 + 5n - 5
= 5n -1
Check; n= 1 , first term = 5*1 - 1 = 5 - 1 = 4
n = 2, second term = 5*2 - 1 = 10 -1 = 9
n = 3, third term = 5*3 - 1 = 15 - 1 = 1
The next term, fifth term = 5*5 - 1
= 25 - 1
= 24