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7nadin3 [17]
3 years ago
10

Ila invested $42,000 into an account earning 4% compounded annually. She makes no other deposits and does not withdraw any money

. What is the balance of Ila's account in 5 years?$42,846.75$51,099.42$54,738.88$92,027.17
Mathematics
1 answer:
Fantom [35]3 years ago
5 0

Alright, lets get started.

The amount of investment means principal : 42000

rate of interest : r : 4 % compounded annually

time of deposit t = 5 years

The formula for amount : A

A = P(1 + r/n)^nt

As interest is compounded annually, means n = 1

A = 42000 ( 1 + 4/100)^5

A = 42000 (1 + 0.04)^5

A = 42000 (1.04)^5

A = 42000 * 1.21665290

A = 51099.42 $

So the balance of Ila's account after 5 years will be 51099.42 $ : Answer

Hope it will help :)

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Ghella [55]
\bf \qquad \textit{Compound Interest Earned Amount}\\
A=P\left(1+\frac{r}{n}\right)^{nt}

\\ \quad \\

\begin{cases}
A=\textit{current amount}\to &6,000\\
P=\textit{original amount deposited}\to &\$2,500\\
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n=\textit{times it compounds per year, quarterly}\to &4\\
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\end{cases}
\\ \quad \\
meaning
\\ \quad \\

6,000=2,500\left(1+\frac{r}{4}\right)^{4\cdot 10}

solve for "r"

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\bf 6,000=2,500\left(1+\frac{r}{4}\right)^{4\cdot 10}\implies\cfrac{6000}{2500}=\left(1+\frac{r}{4}\right)^{40}
\\ \quad \\
\cfrac{12}{5}=\left(1+\frac{r}{4}\right)^{40}\impliedby \textit{now, taking root }\sqrt[40]{\qquad }
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5 0
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m = (y2 - y1)/(x2 - x1)

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x2 = x

x1 = 2

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1*(x - 2) = 2 (-2)                      Combine and remove the brackets.

x - 2 = - 4                               Add 2 to both sides

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