The interest rate given is an annual rate yet will be compounded quarterly. You therefore need to convert the interest rate to a quarterly rate.

= 4% / 4 quarters

= 1% per quarter

Number of periods:

= Number of years x Number of quarters in year

= 6 x 4

= 24 quarters

The amount they will have in their account is:

= Amount x ( 1 + rate) ^ number of periods

= 35,000 x ( 1 + 1%)²⁴

= $44,440.71

In conclusion, they will have $44,440.71 if they invested their money in a bank for 6 years.

Find out more at brainly.com/question/13861384.

3 0

2 years ago

HELP PLEASE!!!!! IT DOESN'T EVEN SHOW UP ON GOOGLE!!!!!!!!!!!!!1

meriva

0.032 is the interest
since it is half a year, double this one
0.032 x 2 = 0.064

your formula is A = P(1 + (r/n)^nt
P is principle
R is rate
N is number of times
T is time

A = 32,675.12(1 + (0.032/2)^2(5)
A = 32675.12(1 + (0.016)^10
A = 32675.12(1.016)^10
A = 32675.12 (1.172)
A = 38295.24064
Your answer is ~38295.24

hope this helps

none of the answers make sense, because you can withdraw a lot more money from your bank account than that, unless you are missing some numbers and stuff

5 0

3 years ago

Read 2 more answers

in 2019, a house appraised at a value of 87,400. the property tax was $ 10,100. after some remodeling and improvements, the hous

murzikaleks [220]

$14,334.4 is the new property tax be in 2020.

Step-by-step explanation:

In 2019, a house appraised at a value of 87,400. the property tax was $ 10,100. After some remodeling and improvements, the house appraised for $124,000 in 2020. The property tax rate is the same as it was in 2019.

Initially, price of house is $87,400 and tax is $10,100. Let's find tax rate:

Suppose that tax rate is x% , So $\frac{87,400(x)}{100} = 10,100$

⇒ $x = \frac{10,100(100)}{87,400}$

⇒ $x = 11.56%$

∴Tax rate is 11.56%. Now in year 2020 house new value is $124,000. So,

Amount of property tax will be 11.56% of house value

= $\frac{124,000(11.56)}{100} =$ $ 14,334.4.

∴ $14,334.4 is the new property tax be in 2020.

3 0

3 years ago