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gtnhenbr [62]
3 years ago
11

Tanner has purchased a car with a loan. His bank now deducts the amount of the monthly payment from his account on the second of

every month. Which financial service has Tanner’s bank offered him?
A.
money transfer
B.
automated payment
C.
online banking
D.
ATM withdrawal
Mathematics
2 answers:
Troyanec [42]3 years ago
4 0
B. Automated payment
alisha [4.7K]3 years ago
3 0

Answer:

B. automated payment

Step-by-step explanation:

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Suppose that $3000 is placed in an account that pays 16% interest compounded each year. Assume that no withdrawals are made from
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Answer:

a) $3480

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Step-by-step explanation:

The compound interest formula is given by:

A(t) = P(1 + \frac{r}{n})^{nt}

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Suppose that $3000 is placed in an account that pays 16% interest compounded each year.

This means, respectively, that P = 3000, r = 0.16, n = 1

So

A(t) = P(1 + \frac{r}{n})^{nt}

A(t) = 3000(1 + \frac{0.16}{1})^{t}

A(t) = 3000(1.16)^{t}

(a) Find the amount in the account at the end of 1 year.

This is A(1).

A(t) = 3000(1.16)^{t}

A(1) = 3000(1.16)^{1} = 3480

(b) Find the amount in the account at the end of 2 years.

This is A(2).

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3 years ago
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