The early withdrawal fee on this account is $6.25
Step-by-step explanation:
Suppose you buy a CD for $1000
- It earns 2.5% APR and is compounded quarterly
- The CD matures in 5 years
- Assume that if funds are withdrawn before the CD matures, the early withdrawal fee is 3 months' interest
We need to find the early withdrawal fee on this account
∵ The annual interest is 2.5%
- Change it to decimal
∵ 2.5% = 2.5 ÷ 100 = 0.025
∴ The annual interest rate is 0.025
∵ The interest is compounded quarterly
∴ The interest rate per quarter = 0.025 ÷ 4 = 0.00625
∵ The early withdrawal fee is 3 months' interest
∵ You buy the CD for $1000
∵ A quarter year = 3 months
∴ The early withdrawal fee = 1000 × 0.00625 = $6.25
The early withdrawal fee on this account is $6.25
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Answer:
Explanation:
The function that represents the number of E.coli bacteria cells per 100 mL of water as the time t years elapses is:
The base, 1.123, represents the multiplicative constant rate of change of the function, so you just must substitute 1 for t in the power part of the function:
Then, the multiplicative rate of change is 1.590, which means that every year the number of E.coli bacteria cells per 100 mL of water increases by a factor of 1.590, and that is 1.59 - 1 = 0.590 or 59% increase.
Answer:
Step-by-step explanation:
Given that a bank representative studies compound interest, so she can better serve customers. She analyzes what happens when $2,000 earns interest several different ways at a rate of 2% for 3 years.
a) the interest if it is computed using simple interest. 12.00
=
dollars
b) the interest if it is compounded annually.
=
dollars
c) the interest if it is compounded semiannually
=
d) the interest if it is compounded quarterly.
=
e) the interest if it is compounded monthly.
=
I think 7 would be the greatest common factor as they all have different variables. By factoring out 7 you should end up with, 2x+3y+z=
The best answer for this question is B