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vladimir2022 [97]
3 years ago
12

Your bank pays 4% annual interest compounded quarterly on January 1, April 1, July 1, and October 1. You deposited $840 on April

1 and made no other deposits or withdrawals. Find your savings account balance on January 1 of the next year.
Mathematics
1 answer:
Fofino [41]3 years ago
4 0

Deposit: = $600 on 1st April

Futher Depost = $200 on1st July

Interest rate = 2.60% per annum

Compounded = quarterly

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Read 2 more answers
earned $4200 and earned $174 in interest if one earns 3.5% and the other 4.5 % how much was invested at each rate
Leno4ka [110]
X + y = 4200 so x = 4200 - y
0.035x + 0.045y = 174

substitute x = 4200 - y into 0.035x + 0.045y = 174

0.035x + 0.045y = 174
0.035(4200 - y) + 0.045y = 174
147 - 0.035y + 0.045y = 174
0.01y = 27
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x + y = 4200
x = 4200 - 2700
x = 1500

answer

$1500 in <span>3.5% 
$2700 in 4.5%</span>
8 0
3 years ago
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