Replace the values of mand n to show the solutions of this equation.

What is the balance after 15 years in a savings account that earns 2% interest compounded bimonthly when the initial deposit is

motikmotik

The amount will be equal to $1348.07. The correct option is A.

<h3>What is compound interest?</h3>

Compound interest is the interest levied on the interest. The formula for the calculation of compound interest is given as:-

$\rm A = P(1+\dfrac{r}{n})^{nt}$

Compound Interest Formula:

A = Account Balance

P = Principle/Initial Amount

r = Rate of Interest (decimal)

n = Number of times compounded (per year)

t = Number of Years

Given Information

Account Balance = ?

It is given that the balance after 15 years in a savings account earns 2% interest compounded bi-monthly when the initial deposit is 1000.

This is because we are gaining money, so the multiplier should be greater than 1. We already added 1, which is 100% so you simply add the 0.02 for the extra 2%.

Number of times compounded per year = 6

This is because it is being compounded bi-monthly, or once every 2 months. 12 months divided by 2 months is 6 months, so 6 times a year.

Number of years = 15

Solve by plugging the given values into the formula.

$\rm A = P(1+\dfrac{r}{n})^{nt}$

$\rm A = 1000(1+\dfrac{0.02}{6})^{6 \times 15}$

A = 1000 x (1.14)

A = $1348.07.

Therefore, the amount will be equal to $1348.07. The correct option is A.

To know more about Compound interest follow

brainly.com/question/24924853

#SPJ1

3 0

2 years ago

What number is between 1/6 and .25? A.) 7/24 B.) 1/7 c.) 2/7 D.) 5/24 --- is it this? help please ;)

jenyasd209 [6]

<span>BusinessComputersEnglishForeign LanguagesHealthHome EconomicsMathMusicPhysical EducationScienceSocial Studies</span>GRADE LEVELS<span>PreschoolKindergartenElementary School1st Grade2nd Grade3rd Grade4th Grade5th Grade6th Grade7th Grade8th GradeHigh School9th Grade10th Grade11th Grade12th GradeCollegeAdult Education</span><span>Post a New QuestionCurrent Questions</span><span>Homework Help: Math: Algebra</span>Recent Homework Questions About Algebra

pre algebra
The ball game took in $1,920 one Saturday. The number of $12 adult tickets was 15 more than twice the number of $5 child tickets.of spray. how much

3 0

3 years ago

Solve the equation for x. 50(4x + 12) = 200

chubhunter [2.5K]

Answer:

x=-2

Step-by-step explanation:

divide each term by 50, then simplify.(4x+12=4)

Move all terms not containing x to the right side of the equation.(4x=-8)

divide each term by 4 then simplify. (x=-2)

6 0

2 years ago

Read 2 more answers

The school held a bake sale as a fundraiser for a DI project. The bake sale only accepted quarters, loonies, and toonies. ⅓ of t

alukav5142 [94]

Answer:

The fund raiser made $124.5

Step-by-step explanation:

Firstly, we need to understand what is meant by loonie, toonie and quarter.

All are units of the Canadian dollars currency. Loonie refers to 1 dollar, toonie refers to 2 dollars while quarter refers to 25 cents.

Now, let the total number of coins present be x.

From the question, we are made to know that 48 are toonies.

Now this 48 corresponds to a fraction of; 1 - 1/3-1/5 ( this will give us the fraction of toonies present) = 1-8/15 = 7/15

7/15 * x = 48

7x = 48 * 15

x = 720/7 = 102.58 which is approximately 103

1/3 of these are quarters = 1/3 * 103 = approximately 34

1/5 are loonies = 1/5 * 103 = approximately 20

Now we use the respective amount multiplied by each of the values to get the amount of each of the coins

For the quarters, we have 25 cents. * 34 = $8.5

For the loonies, we have 20 * 1 = $20

For the toonies, we have 48 * 2 = $96

Total amount is thus 20 + 96 + 8.5 = $124.5

5 0

3 years ago

What is the slope of this line

lina2011 [118]

This line has a zero slope, which means that the y value doesn't change at all.
Mathematically, it can be shown simply as
$y = 7$

6 0

3 years ago