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tankabanditka [31]
3 years ago
13

Lori buys a $586 certificate of deposit (CD) that earns 6.6% interest that compounds monthly. How much will the CD be worth in 1

3 years? Express your answer rounded correctly to the nearest cent. Do not include units on your answer.
Mathematics
1 answer:
Alex777 [14]3 years ago
3 0

Answer:

<h2>$1344.9</h2>

Step-by-step explanation:

This problem can be solved using the compound interest formula

A= P(1+r)^t

Given data

A, final amount =?

P, principal = $586

rate, r= 6.6% = 0.066

Time, t= 13 years

Substituting our values into the expression we have

A= 586(1+0.066)^1^3\\\ A= 586*(1.066)^13\\\ A= 586*2.295\\\ A= 1344.87

To the nearest cent the in 13 years the CD will be worth $1344.9

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jok3333 [9.3K]

Answer:

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Step-by-step explanation:

We have,

Radius of a bicycle tire is 11 inches. It is required to find the distance traveled by the distance covered by the tire when it makes 7 revolutions. One revolution means the circumference of circle. So,

C=2\pi r\\\\C=2\times 3.14\times 11\\\\C=69.08\ \text{inches}

In 7 revolution, it will cover a distance of 7C i.e.

C=69.08\times 7\\\\C=483.56\ \text{inches}

So, the tire will cover a distance of 483.56 inches in 7 revolutions

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Step-by-step explanation:

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