Can someone check this out to see if I have this correct? If not can you help me out please? Thank you! The answers are on 2nd p
age. My answers are from top top bottom, 1,3,and 2.
1 answer:
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Answer:
$1,179
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
<em />
First, lets change 2.6% into a decimal:
2.6% -> -> 0.026
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
The account balance after 10 years will be $1,179
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<em>pl</em><em>ease</em><em> see</em><em> the</em><em> attached</em><em> picture</em><em> for</em><em> full</em><em> solution</em>
<em>Hope</em><em> </em><em>it</em><em> helps</em>
<em>Good</em><em> </em><em>luck</em><em> on</em><em> your</em><em> assignment</em>
