1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
AVprozaik [17]
3 years ago
13

Ted earned $4,300 from his summer internship that he plans to invest so that he can buy a used car after three years. Ted choose

s a bank that offers 5.5% compounded quarterly. Can Ted buy a car that costs $4,700 after three years? Round your numbers to the nearest cent.
Mathematics
1 answer:
olganol [36]3 years ago
8 0

Answer: Yes he will be

Step-by-step explanation:

To find out if Ted can afford the car, find the future value of $4,300 in three years.

First convert the number of years and rates to quarterly values as this is the compounding period:

Term = 3 * 4 quarters = 12 quarters

Rate = 5.5% / 4 = 1.375% per quarter

Future value = Amount * ( 1 + rate) ^ term

= 4,300 * ( 1 + 1.375%)¹²

= $5,065.69

<em>Considering that Ted makes $5,065.69 in 3 years, he will be able to buy a car that costs $4,700.</em>

You might be interested in
Can someone help? What is the answer to this? I need it by 4pm (10^2 - 4 x 8) divided by (8+ 9) The '^' stands for 'to the power
topjm [15]
Do you just want the answer or do you need the work too??
3 0
3 years ago
Please help me with this, idk what to do
s344n2d4d5 [400]

Answer:

B. 250 pages

Step-by-step explanation:

3 0
3 years ago
Hgarage hhhhhjjjhjjjjjjhhhhhhh​
julia-pushkina [17]
Felt

kajskskwowwjsksj
5 0
3 years ago
Read 2 more answers
Mrs. Low has 12 bags, each containing 25 sweets. She divides the sweets among 30 boys equally. How many sweets does each boy get
irakobra [83]
Each boy gets 10 sweets.

12×25=300÷30=10//
6 0
3 years ago
Find the APY for an APR of 3.6% compounded (a) yearly. (b) semi-annually. (c) monthly. (d) continuously.
madam [21]

Answer:

Monthly

Step-by-step explanation:

APY is 0.0302 = 3.02 Percent - 3.00% - monthly

5 0
2 years ago
Other questions:
  • (6) if y = ax + b is the least square fit line for the points (−1, 3), (0, 2), (1, 4), find a +
    8·1 answer
  • Which ratios form a proportion?
    14·2 answers
  • Answer and get brainliest
    10·1 answer
  • *WORD PROBLEM* A jar contains dimes and quarters. Twenty percent of the coins in the jar are dimes. A number generator simulates
    6·1 answer
  • Harry took a loan from the bank.
    8·1 answer
  • Simplify (4x − 6) + (5x + 1). 9x + 5 9x − 5 x − 5 −x − 5
    9·1 answer
  • What is the y intercept of 4y+9x=18
    15·2 answers
  • A culture started with 5,000 bacteria. After 4
    5·1 answer
  • If the lengths of two sides of a right triangle are 5 and 12 units, what is the least possible length, in units, of the third si
    11·2 answers
  • Jamal has 15 to spend at the concession stand. hey buys nachos for 7.50 and he wants to purchase some sour straws for a 1.50 eac
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!