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madreJ [45]
3 years ago
9

If Bob and Judy combine their savings of $1,260 and $975, respectively, and deposit this amount into an account that pays 2% ann

ual interest, compounded monthly, what will the account balance be after 4 years?
Business
1 answer:
Andrew [12]3 years ago
6 0

Answer:

The account balance after 4 years will be $2,420.

Explanation:

First we need to add Bob and Judy's amount to find the total amount that will be deposited. (1260+975)=2,235.

Now we will break up the annual interest into monthly interest because it will be compounded monthly. 2/12=0.166.

Then we will break up the 4 years into months also because the interest is compounded monthly. 4*12=48

Now we use the formula for compound interest

Final amount = Principal*(1+R)^N

Principal = 2,235

R= 0.166% or 0.00166

N= 48

We put these values into our formula

2,235*(1+0.00166)^48

=2,420

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Real income can be determined by:
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Inadequate disclosure occurs when: a. A company attempts to overstate assets to make their financial position look better. b. Ma
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The Unearned Revenue account of Professor Incorporated began 2018 with a normal balance of $5,000 and ended 2018 with a normal b
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7 0
3 years ago
Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or
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The representation of the cash flow from firm to household would be the folowing:

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This is the term that is used to refer to the way that income gets to the household. We know that the people of the household are thiose that would go to use their skills in order to do work so  that they can earn income for the labor they give out.

Hence we can say that The representation of the cash flow from firm to household would be the following:

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Read more on cash flow here;

brainly.com/question/735261

#SPJ1

4 0
2 years ago
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