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3 years ago

To combine a range of cells into one large cell, you should highlight the cells and choose

Business

1 answer:

Fittoniya [83]3 years ago

6 0

1: A-merge
2: B- possible misspelled word
3: A- spark line
4: B
5: C- moves down one cell

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A high-interest savings account pays 5. 5% interest compounded annually. If $300 is deposited initially and again at the first o

Arte-miy333 [17]

For the given question, the summation that represents the money in account is:

$\begin{aligned}\sum_{10}^{n=1}316.5(1.055)^{n-1} \end{aligned}$

The principal amount if compounded annually, the formula that represents the amount to be received after n years is:

$\rm A = P(1 + \dfrac{r}{100})^t$ where A is the amount received after compounding, P is the principal, r is the rate of interest and t is the tenure.

<h3>Solution:</h3>

Given:

Annual interest rate(r) is 5.5%

Principal is(P) $300

Tenure is(t) 10 years

On substituting the values in the formula $\rm A = P(1 + \dfrac{r}{100})^t$

The amount received after compounding at the end of 1 year will be:

$\rm A = 300(1 + \dfrac{5.5}{100})^1\\
\\
A=300(1.055)\\
\\
A=\$316.5$

Similarly, the amount to be received after 2 years will be:

$316.5+316.5(1.055)$

The amount received after 10 years will be:

$316.5+316.5(1.055)+316.5(1.055)^2+.......$ upto 10 years

Therefore the summation that represents the money in account after 10 years is:

$\begin{aligned}\sum_{10}^{n=1}316.5(1.055)^{n-1} \end{aligned}$

Learn more about compound interest here:

brainly.com/question/25857212

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1 year ago

The part of the balance of payments account that lists all long-term flows of payments is called the: A. financial and capital a

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The text and background of a power point slide should be similar in color.<br><br> True or False

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