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3 years ago

6

Blanche invested $9800 in a savings account with a yearly interest rate of 2% for 15 years. How much simple interest did she ear

n?

2 answers:

Nikitich [7]3 years ago

7 0

It’s 2,940
Explanation: I have gotten the answer correct on my side

Naya [18.7K]3 years ago

5 0

Answer:

I think the answer is 2,940 but not completely sure

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14
11+3=14
If the two young men practiced the piano 11 but Jeff practiced the piano 3 more hours its a simple answer

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3 years ago

Fill in the blank with the correct response.<br><br> Twenty-eight is 40% of <br> .

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Step-by-step explanation:

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3 years ago

Find the vertex of the parabola that represents a function f(x)=(x-5)^2+9

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3 years ago

If 10000 is invested at an interest rate of 10 per year ,compound semiannually,find the value of the investment after the given

slega [8]

Answer:

Part a) $\$17,958.56$

Part b) $\$32,251.00$

Part c) $\$57,918.16$

Step-by-step explanation:

<u><em>The complete question is</em></u>

If $10,000 is invested at an interest rate of 10% per year, compounded semiannually, find the value of the investment after the given number of years. (Round your answers to the nearest cent.)

a)6 years

b)12 years

c)18 years

we know that

The compound interest formula is equal to

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

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

Part a) 6 years

we have

$t=6\ years\\ P=\$10,000\\ r=10\%=10/100=0.10\\n=2$

substitute in the formula above

$A=10,000(1+\frac{0.10}{2})^{2*6}$

$A=10,000(1.05)^{12}$

$A=\$17,958.56$

Part b) 12 years

we have

$t=12\ years\\ P=\$10,000\\ r=10\%=10/100=0.10\\n=2$

substitute in the formula above

$A=10,000(1+\frac{0.10}{2})^{2*12}$

$A=10,000(1.05)^{24}$

$A=\$32,251.00$

Part c) 18 years

we have

$t=18\ years\\ P=\$10,000\\ r=10\%=10/100=0.10\\n=2$

substitute in the formula above

$A=10,000(1+\frac{0.10}{2})^{2*18}$

$A=10,000(1.05)^{36}$

$A=\$57,918.16$

7 0

4 years ago