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
patriot [66]
3 years ago
5

If 2000 dollars is invested in a bank account at an interest rate of 6 percent per year, find the amount in the bank after 7 yea

rs if the interest is compounded monthly
Mathematics
1 answer:
AfilCa [17]3 years ago
6 0

Answer:

$3007.26

Step-by-step explanation:

Step one:

given data

Principal= $2000

rate= 6%= 0.06

time= 7years

Required:

The final amount A

Step two:

the expression for the compound interest is

A= P(1+r)^t

substituting we have

A= 2000(1+0.06)^7\\\\A= 2000(1.06)^7\\\\A=2000*1.50363\\\\A=3007.26

You might be interested in
Urgent help, please!.....
pishuonlain [190]

To solve this problem, we want to get all of the possible options into the same form, so that it is easier to compare them. Personally, I prefer comparing in decimals, so that is how I am going to solve this problem.


13/4 - To turn this improper fraction into its decimal equivalent, it is easier to first turn it into a mixed number by dividing the numerator by the denominator.

13/4 = 3 1/4

Because we know that 1/4 = 0.25, we now know that 3 1/4 = 3.25

Therefore, 13/4 = 3.25


3 1/2 - This is similar to the end of the process above. We know that 1/2 = 0.5, so we know that 3 1/2 = 3.5

3 1/2 = 3.5


3.15 is already in its decimal form, so we can leave that be for now.


√9 - To simplify this, we must figure out what number multiplied by itself equals 9. If we start with 2 (2*2 = 4), so that is too small. Next maybe we try 4 (4 * 4 = 16), so that is too large. Now we know we need a number in between 2 and 4, so maybe we try 3. 3 * 3 = 9, so we can conclude that √9 = 3.

√9 =3


If we take all of our decimal equivalents, we have 3.25, 3.5, 3.15, and 3.


Because all of these values have the same whole number value of 3, we need to compare the decimals to find out what order they belong in.


Our final order is (from smallest to largest): 3, 3.15, 3.25, 3.5


But, we need to substitute in the equivalent values we were given for these decimals originally to finish the problem.


This makes your final answer: √9, 3.15, 13/4, 3 1/2


Hope this helps!

4 0
3 years ago
Read 2 more answers
I will venmo 5-10 dollars anyone who can do my Spanish homework please I can’t read this just answer the questions to the slides
Blababa [14]

Answer:

Are you serious?

Step-by-step explanation:

6 0
3 years ago
True or false? I'm deductive thinking, you start with a given set of rules and conditions and determine what must be true as a c
aksik [14]
Deductive thinking: When you start with a given set of rules and conditions and determine what must be true as a consequence.

So the answer is true.
7 0
3 years ago
15x + 2x can be written as _____.<br> x(15 + 2x)<br> (15 + 2)x<br> (15x + 2x)x
Triss [41]
2x+15x you can just switch the two.
6 0
3 years ago
Read 2 more answers
The sum of the measures of two complementary angles exceeds the difference of their measure by 86º. Find the measure of each ang
katrin2010 [14]
We will translate the given statement in the problem into 
x + y  = 90 
x - y =  90 - 86 = 4 where x and y are the angles that are complementary. solving simultaneously, x = 47 degreesy = 43 degrees. 
4 0
3 years ago
Other questions:
  • In the third degree polynomial function f(x) =x^3 + 4x, why are 2i and -2i zeros?
    5·1 answer
  • Solve for h in this equation
    12·2 answers
  • What is the area of a kitchen floor that measures 15 1/4 feet by 13 3/4 feet
    6·1 answer
  • Is 3√75 less than, greater than, or equal to 7√27
    7·2 answers
  • Mike wants to paint one wall of his room.
    7·1 answer
  • Find the slope of a line that passes through the points (17,2) and (17,-3)
    6·1 answer
  • What is the range of 24.35cm 22.51cm 20.98cm 30.33cm and 30.98cm ?
    9·1 answer
  • 100 POINTS+ BRAINLYEST❤️❤️❤️❤️❤️❤️❤️❤️❤️❤️
    15·1 answer
  • -6•-2+3+3-4 evaluate the expression
    8·1 answer
  • A rectangular prism has a base area of 14 in², and a height of 7 inches. What is the volume of the prism?
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!