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Sliva [168]
2 years ago
15

Please Answer ASAP

Mathematics
1 answer:
Yuki888 [10]2 years ago
5 0

Michelle's  balance after 8 years is $10,790.48.

Kristen's balance after 8 years is $3,770.55.

Gabriella's balance after 8 years is $24,780.42.

Judy's balance after 8 years is $3618.62.

The person with the most money at the end of the 8 years is Gabriella. If I were to choose one of the options, I would choose Gabriella's option

<h3>What is Michelle's balance after 8 years?</h3>

The formula that can be used to determine the future value of an amount with compounding is:

FV = P (1 + r)^nm

Where:

  • FV = Future value
  • P = Present value
  • R = interest rate / number of compounding
  • m = number of compounding
  • N = number of years

Future value with monthly compounding = $2000 x ( 1 + 0.035/12)^(12 x 8) = $2645.18

Future value with continuous compounding =  : A x e^r x N

  • A= amount
  • e = 2.7182818
  • N = number of years
  • r = interest rate

1000 x e^0.018 x 8 = $8,145.30

Total = $8,145.30 + $2645.18 = $10,790.48

<h3>What is Kristen's balance after 8 years?</h3>

Future value with quarterly compounding = 2500 x (1 + 0.012 / 4)^(4 x 8) = $2,751.50

Future value with quarterly compounding = 500 (1 .0225)^(8x4) = $1019.05

Total = $3,770.55

<h3>What is Gabriella's balance after 8 years?</h3>

$3000 x e^0.032 x 8 = $24,780.42

<h3>What is Judy's balance after 8 years?</h3>

Future value with exponential increase = 1050 x (1.015)^8 = $1,182.82

Future value with biannual compounding = 1950 x (1 + 0.028/2)^(8 x 2) = $2435.80

Total = $3618.62

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

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