Solve and plot the answer on the number line.

Mathematics

1 answer:

vivado [14]3 years ago

7 0

The anser i got was 3.33333 but i think you would plot it as 3.25

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3. You want to have $4000 in your savings account after 2 years. Find the amount you should deposit for each of the situations d

pychu [463]

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Part A)

About $3767.34.

Part B)

About $3692.47.

Step-by-step explanation:

Part A)

Recall that compound interest is given by the formula:
$\displaystyle A = P\left(1+\frac{r}{n}\right)^{nt}$

Where A is the final amount, P is the initial amount, r is the interest rate, n is the number of times compounded per year, and t is the number of years.

To obtain $4000 after two years, let A = 4000 and t = 2.

Because the account pays 3% interest compounded monthly, r = 0.03 and n = 12.

Substitute and solve for P:

$\displaystyle \begin{aligned} (4000) & = P\left(1+\frac{(0.03)}{(12)}\right)^{(12)(2)} \\ \\ P & = \frac{4000}{\left(1+\dfrac{(0.03)}{(12)}\right)^{(12)(2)}} \\ \\ & \approx \$3767.34\end{aligned}$