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
Agata [3.3K]
3 years ago
8

If $5,000 is invested at 8% annual interest compounded monthly, what is the account balance after 5 years, assuming no additiona

l deposits or withdrawals are made?
Mathematics
2 answers:
gulaghasi [49]3 years ago
5 0

Answer:

A = $7,449.23

Step-by-step explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 8/100

r = 0.08 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 5,000.00(1 + 0.08/12)(12)(5)

A = 5,000.00(1 + 0.006666667)(60)

A = $7,449.23

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $5,000.00 at a rate of 8% per year compounded 12 times per year over 5 years is $7,449.23.

densk [106]3 years ago
3 0

Answer:

Fv= 7346.64

Step-by-step explanation:

PV= 5000

I=8%=0.08

N=5 YEARS

FV= PV(1+I)n

= 5000(1+0.08)5

=7346.64

You might be interested in
This is geometry. Please help explain this.mm
Digiron [165]

Answer:

the formula is used according to the given condition.

3 0
3 years ago
The difference between N and 12 is 20
Lera25 [3.4K]

Answer:

N-12 = 20

N=32

Step-by-step explanation:

Difference means subtract, is means equals

N-12 = 20

Add 12 to each side

N-12+12 =20+12

N = 32

4 0
3 years ago
Read 2 more answers
What is 3.2×10 exponent five
alina1380 [7]
3.2x10 exponent five is 4749.221091
If i am right
7 0
3 years ago
Stevens school is selling chocolate bars to earn money for new band instrument The school will receive 33% of total sales; given
vlada-n [284]
Given that the amount Steven will collect is given by the model y=0.33x, where x is represents the total number of sales:
The x-intercept  will represent the minimum amount of sales that Steven will be able to make initially. 
8 0
3 years ago
Answer please<br> Fast<br><br><br><br> Fast
solong [7]

Answer:

A. 228.5

B. 10

Step-by-step explanation:

A. Since <em>x</em> represents the number of months, replace <em>x</em> with 6 in the equation. Then multiply 29x6, which equals 174. Then add 174+54.5, which equals 228.5.

B. You need to solve for <em>x</em> by switching the signs in the equation<em>. </em>Set the original equation (29x+54.5) equal to 344.50. To solve for <em>x, </em>first subtract 344.50-54.5, which equals 290 (you subtract because it's the opposite of adding). Then divide 290÷29, which equals 10. You can check your work by replacing <em>x</em> in the original equation with 10, and if you get 344.5, your answer is correct.

Good luck :)

6 0
3 years ago
Other questions:
  • What does 13+[2(9-6)] equal and how do I solve it?
    6·1 answer
  • What are the exact solutions of x2 = 4 − 7x? (1 point) x = x equals negative 7 plus or minus the square root of thirty-three all
    8·2 answers
  • Sammy reads the same number of pages in his book each night. The expression 228 - 12 x shows how many pages he has left to read
    14·1 answer
  • Which form must be filled out and submitted to determine the types and amount of financial aid available to a student?
    9·2 answers
  • An amount was shared in the ratio 8:6:9:14:12.The largest share was56.What was the total amount shared?
    7·1 answer
  • Which graph shows all the values that satisfy 2/9x
    13·2 answers
  • Z times 231 equals 256 write as an equation
    9·2 answers
  • Can somebody please help me out ?
    11·2 answers
  • How will the graph of
    7·1 answer
  • Find the equation of the line passing through the given point and
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!