Angelina deposits $3000 in a savings account on 1 January 2019, earning compound interest of 1.5% per year.

Mathematics

1 answer:

jekas [21]2 years ago

4 0

The interest earned would be $481.62.

The total amount of money in her account would be $16,377.12.

<h3>Determining interest after 10 years </h3>

Interest = future value - amount deposited

$3000 (1.015)^10 = $3,481.62

Interest = $3,481.62 - $3000 = $481.62

<h3>Determining the future value of the account.</h3>

Future value of the lump sum = $3000 x (1.015)^11 = $3,533.85

Future value of the annuity = amount deposited x annuity factor

Annuity factor = {[(1+r)^n] - 1} / r = [(1.015)^10 - 1] / 0.015 = 10.702722

Future value = 10.702722 x $1,200 = $12,843.27

Total future value = $12,843.27 + $3,533.85 = $16,377.12

To learn more about future value, please check: brainly.com/question/18760477

You might be interested in

Quadratic Formula to solve the equation x^2- 4x = - 7

mylen [45]

roots of the equation x^2- 4x = - 7 are 2+3i and 2-3i

What are the natures of root of quadratic equation?

Case I: $4ac > b^2$

The roots of the quadratic equation $ax^2 + bx + c = 0$ are real and unequal when a, b, and c are real numbers, a 0, and the discriminant is positive.

Situation II: $b^2$ $-4ac$ =0

The roots and of the quadratic equation $ax^2 + bx + c = 0$ are real and equal when a, b, and c are real numbers, a 0, and the discriminant is zero.

Case III: $b^2$ $-4ac$ <0

The quadratic equation $ax^2 + bx + c = 0$ has roots when a, b, and c are real numbers, a 0, and the discriminant is negative, but these roots are not equal and are not real. We refer to the roots in this instance as fictitious.

Case IV: Perfect square and $b^2 - 4ac > 0$

The roots of the quadratic equation $ax^2 + bx + c = 0$ are real, rational, and unequal when a, b, and c are real numbers, a 0, and the discriminant is positive and perfect square.

Quadratic Formula $x={\frac {-b\pm {\sqrt {b^{2}-4ac}}}{2a}}$