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3 years ago

Hey! i’ll give brainliest please help!

Mathematics

1 answer:

Bogdan [553]3 years ago

6 0

Answer:

Building of an army

Step-by-step explanation:

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3 years ago

Dan invests £8000 into his bank account.

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4 years ago

Read 2 more answers

Mark invests $8,008 in a retirement account with a fixed annual interest rate of 2% compounded 6 times per year. What will the a

love history [14]

Given:

Principal value = $8,008

Rate of interest = 2% compounded 6 times per year.

Time = 16 years

To find:

The account balance after 16 years.

Solution:

The formula for amount is:

$A=P\left(1+\dfrac{r}{n}\right)^{nt}$

Where, P is principal, r is the rate of interest, n is the number of times interest compounded in an year and t is the number of years.

Putting $P=8,008, r=0.02,n=6,t=16$ in the above formula, we get

$A=8008\left(1+\dfrac{0.02}{6}\right)^{6(16)}$

$A=8008\left(\dfrac{6.02}{6}\right)^{96}$

$A=11022.1721148$

$A\approx 11022.17$

Therefore, the account balance after 16 years is $11022.17.

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3 years ago