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
dusya [7]
2 years ago
11

On Melissa's 6th birthday, she gets a $2000 CD that earns 7% interest compounded quarterly. If the CD matures on her 13th birthd

ay, how much money will be available?​
Mathematics
1 answer:
Alexandra [31]2 years ago
8 0

Answer:

A\simeq3250.83

Step-by-step explanation:

The amount formula in compound interest is:

A=P(1+\frac{r}{n} )^{nt}

where:

P = principal amount

r = annual interest

n = number of compounding periods

t = number of years

We already know that:

P = $2000

r = 7\% = \frac{7\%}{100\%}=0.07

t = 7 (number of years from 6th to 13th bday)

n = 4 (quarterly in a year)

Then,

A=2000(1+\frac{0.07}{4} )^{(4)(7)}\\\\A=2000(1+\frac{0.07}{4} )^{28}\\\\A=3250.825792\\\\A\simeq3250.83

You might be interested in
What is the volume of the shape below? Use 3.14 for 8in. 3 in​
musickatia [10]
The answer is 75.4

Explanation
7 0
3 years ago
It is recommended that people have 1 gram of calcium each day. How many milligrams of calcium is that?
user100 [1]

Answer:

1,000

Step-by-step explanation:

1,000 miligrams is 1 gram hope this helps god bless

8 0
3 years ago
A bag of balloons contains 4 red balloons, 12 green balloons, 14 yellow balloons, and 7 orange balloons. What is the probability
Ostrovityanka [42]
There are 37 balloons total and there are 7 orange balloons. Therefore, the probability is 7/37.
5 0
3 years ago
I NEED HELP FAST PLEASE :)
user100 [1]

Answer:945

Step-by-step explanation:

4 0
3 years ago
Does this have infinite solutions or no solutions?
Papessa [141]

Answer:

when they cross u should get a perfect solution of (2,6)

8 0
3 years ago
Read 2 more answers
Other questions:
  • Solve S = 2πrh for r
    6·1 answer
  • Assume that in january 2013, the average house price in a particular area was $288,400. in january 2002, the average price was $
    13·1 answer
  • A line is defined by the equation y=2/3x-6. The line passes through a point whose y-coordinate is 0. What is the x-coordinate of
    6·2 answers
  • You wish to mentally estimate the total cost of items that have the following prices: $1.85, $.98, $3.49, $9.78, and $6.18. Roun
    6·2 answers
  • Felicia used 153 Yellow beads and some green beads for her art project. She used 9 times as many Yellow beads as green beads. Ho
    10·1 answer
  • -16&lt;8/3t solve the inequality <br><br><br> PLEASE DO IT QUICK
    15·1 answer
  • Which two rational numbers does √14 lie between?
    7·2 answers
  • Evaluate the expression x + 8/27. Evaluate the expression for x=8/9
    5·2 answers
  • What is 5ax + c = 8.5?
    7·2 answers
  • If CDEF is a kite, CD =15 find CG
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!