1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Trava [24]
2 years ago
9

Find the amount in the bank after 7 years if interest is compounded quarterly?

Mathematics
1 answer:
qwelly [4]2 years ago
6 0

Answer:

a) amount in the bank after 7 years if interest is compounded quarterly is $6,605

b) amount in the bank after 7 years if interest is compounded quarterly is $6,612.57

Step-by-step explanation:

We are given:

Principal Amount P= 5000

Rate r= 4% = 0.04

time t = 7 years

The formula used is: A=P(1+\frac{r}{n})^{nt}

where A is future value, P is principal amount, r is rate, n is compounded value and t is time

a) Find the amount in the bank after 7 years if interest is compounded quarterly?

If interest is compounded quarterly then n = 4

Using values given in question and finding A

A=P(1+\frac{r}{n})^{nt}\\A=5000(1+\frac{0.04}{4})^{4*7} \\A=5000(1+0.01)^{28}\\A=5000(1.01)^{28}\\A=5000(1.321)\\A=6,605

So, amount in the bank after 7 years if interest is compounded quarterly is $6,605

b) Find the amount in the bank after 7 years if interest is compounded monthly?

If interest is compounded quarterly then n = 12

Using values given in question and finding A

A=P(1+\frac{r}{n})^{nt}\\A=5000(1+\frac{0.04}{12})^{12*7} \\A=5000(1+0.003)^{84}\\A=5000(1.003)^{84}\\A=5000(1.322)\\A=6,612.57

So, amount in the bank after 7 years if interest is compounded quarterly is $6,612.57

You might be interested in
PLEASE HELP THIS IS VERY IMPORTANT I WILL GIVE U BRAIN THING IF ITS CORRECT AND IT SAYS WRITE YOUR REASON AS A DECIMAL SO PWEASE
lozanna [386]

Answer:

its, 4.4

Step-by-step explanation:

5 0
2 years ago
After the movie premiere 99 out of 130 people surveyed said they liked the movie. What is the experimental probability that the
Margaret [11]
Out of the 130 people surveyed, 99 people said they liked the movie. So to figure out the probability that the next person likes the movie, you divide 99 from 130. 
The answer is approximately 76%.
6 0
3 years ago
What are the solutions to the equation y² –1 = 24? <br><br>Choose all answers that are correct.
noname [10]
Sadly, you didn't give me any choices to choose from.

y² - 1 = 24

Add 1 to each side :

y² = 25

y = √25

<u>y = +5</u>
and
<u>y = -5</u>
5 0
3 years ago
Read 2 more answers
Find the perimeter of the polygon. 14 ft, 15 ft, 7 ft, and 11 ft.
Sophie [7]
You just have to add the numbers up.
So the perimeter is 47 ft.
8 0
3 years ago
Read 2 more answers
Find the geometric mean between each pair of numbers. sq root 49 and sq root841
vodomira [7]

<u>Answer:</u>

The geometric mean between each pair of numbers \bold{\sqrt{49} \text { and } \sqrt{841} \text { is } 14.24}

<u>Solution:</u>

The Geometric mean between two numbers a and b is given as  Geometric mean = \bold{\sqrt{ab}}   --- eqn 1

The Geometric Mean is a special type of average where we multiply the numbers together and then take a square root for the numbers.

From question, given that two numbers are \sqrt{49} and \sqrt{841}

Hence we can say “a” = \sqrt{49} =7  

Similarly “b” = \sqrt{841} = 29  

We have to find the geometric mean between “7” and “29”

By using equation 1,  

Geometric mean between 7 and 29 = \sqrt{7 \times 29} = \sqrt{203} = 14.24

Hence the geometric mean between \sqrt{49} \text { and } \sqrt{841} \text { is } 14.24

8 0
3 years ago
Other questions:
  • Sixty-six times the sum of nineteen plus fourteen in numerical expression
    7·2 answers
  • 3(2R-7)=6<br> I need help on finding this
    14·1 answer
  • prove that points (2a,4a), (2a,6a), and (2a +√3a,5a) are the vertices of an equilateral triangle of side
    9·1 answer
  • Annabell invested $2000 into an account earning 3.5% interest compounded continuously. How long will it take to double her inves
    11·1 answer
  • Determine which data are qualitative and which data are quantitative. Explain your reasoning
    12·1 answer
  • What is the Greatest Common Divisor (GCD) of the numbers 16 and 60?
    9·2 answers
  • I need help on math because my teacher won't help me​
    5·2 answers
  • How do I solve this?​
    12·1 answer
  • Solve 4x + 6 + 8 = 28.
    10·1 answer
  • What is the value of x?​
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!