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Ray Of Light [21]
3 years ago
11

Meg invested $16,000 in a savings account. If the annual interest rate is 6%, how much will be in the account in 5 years for qua

rterly compounding? Round your answer to two decimal places.
CORRECT ANSWER IS: 21549.68
Mathematics
1 answer:
nexus9112 [7]3 years ago
8 0

Answer:

In 5 years the account will be $ 21,549.68.

Step-by-step explanation:

Given that Meg invested $ 16,000 in a savings account, if the annual interest rate is 6%, to determine how much will be in the account in 5 years for quarterly compounding, the following calculation must be performed:

16,000 x (1 + 0.06 / 4) ^ 5x4 = X

16,000 x 1,015 ^ 20 = X

16,000 x 1.34685500 = X

21,549.68 = X

Therefore, in 5 years the account will be $ 21,549.68.

You might be interested in
11. Kamala borrowed 26400 from a bank to buy a scooter at a rate of 15% per annum compounded yearly. What amount will she pay at
oee [108]
<h2>Answer </h2>

Amount (A) = P[1 + (r/100)]n

Principal (P) = ₹ 26400

Time period (n) = 2 years 4 months

Rate % (R) = 15% compounded annually

<h3>Steps </h3>

First, we will calculate Compound Interest (C.I) for the period of 2 years

A = P[1 + (r/100)]n

= 26400[1 + (15/100)]²

= 26400[(100/100) + (15/100)]²

= 26400 × 115/100 × 115/100

= 26400 × 23/20 × 23/20

= 26400 × 1.3225

= 34914

C.I. = A - P

= 34914 - 26400

= 8514

Now, we will find Simple Interest (S.I) for the period of 4 months

Principal for 4 months after C.I. for 2 years = ₹ 34,914

<h3>We know that ,</h3>

S.I = PRT/100

Here T = 4 months = 4/12 years = 1/3 years

S.I. for 4 months = (1/3) × 34914 × (15/100)

= (1/3) × 34914 × (3/20)

= 34914/20

= 1745.70

Total interest for 2 years 4 months = 8514 + 1745.70

= 10259.70

Total amount for 2 years 4 months = 26400 + 10259.70

= ₹ 36659.70

<h3>So , the correct answer is ₹ 36659.70 . </h3>

6 0
2 years ago
Read 2 more answers
Maria is playing a video game. She earns 15 points when she completes level one. Each time she completes a level, she earns twic
andrey2020 [161]

Answer:

She will earn 1,920 points.  PLEASE GIVE BRAINLIEST!!!

Step-by-step explanation:

Level 1 : 15 points   x 2 = level 2

Level 2 : 30 points   x 2 = level 3

Level 3: 60 points    x2 = level 4

Level 4:  120 points   x2 = level 5

Level 5:  240 points   x2 = level 6

Level 6:  480 points  x2 = level 7

Level 7:  960 points  x2 = level 8

Level 8:  1,920 points

8 0
3 years ago
22. Solve the system
DaniilM [7]
Equation 1)  x + 6y = 2
Equation 2)  5x + 4y = 36

Multiply all of equation 1 by 5.

1)  5(x + 6y = 2)

Simplify.

1)  5x + 30y = 10
2)  5x + 4y = 36

Subtract equations from one another.

26y = -26

Divide both sides by 26.

y = -1

Plug in -1 for y in the first equation.

x + 6y = 2

x + 6(-1) = 2

Simplify.

x - 6 = 2

Add 6 to both sides.

x = 8

D : (8, -1)

~Hope I helped!~
8 0
2 years ago
100 points please help 8th grade math
Irina-Kira [14]

Answer:B? l hope is B l hope helps

Step-by-step explanation:

if not help then l will answer other problem from you l hope is right

7 0
3 years ago
1025 + 503 – 1412 – 7
Andreyy89

Answer: a

Step-by-step explanation:

4 0
2 years ago
Read 2 more answers
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