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3 years ago

12

Allan put $7000 in a 2-year CD paying 3% interest, compounded monthly. After 2 years, he withdrew all his money. What was the am

ount of the withdrawal?

1 answer:

aliya0001 [1]3 years ago

8 0

I believe he would have $7,432 once he withdraws it. The formula is <span>A = P (1 + r/n)^<span>(nt)</span></span>

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mario62 [17]

Answer:

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Step-by-step explanation:

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mrs_skeptik [129]

Answer

Given

Sean's house is currently worth $188,900.

According to a realtor, house prices in Sean's neighborhood will increase by 4.8% every year.

To prove

Formula

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Where r is the rate in the decimal form.

As given

$Take\ Principle\ = P_{0}$

$Rate = \frac{4.8}{100}$

= 0.048

Put in the formula

$Compound\quaterly\ interest = P_{0}(1 + \frac{0.048}{4})^{4t}$

$Compound\quaterly\ interest = P_{0} (1 + \frac{0.048}{4})^{4t}$

$Compound\quaterly\ interest = P_{0} (1 + 0.012)^{4t}$ $Compound\quaterly\ interest = P_{0} (1.012)^{4t}$

Now also calculated monthly.

Formula

$Compound\ monthly = Principle (1 + \frac{r}{12})^{12t}$

As given

$Take\ Principle\ = P_{0}$

$Rate = \frac{4.8}{100}$

= 0.048

Put in the formula

$Compound\ monthly = P_{0} (1 + \frac{0.048}{12})^{12t}$

$Compound\ monthly = P_{0} (1 + 0.004)^{12t}$

$Compound\ monthly = P_{0} (1.004)^{12t}$

As the approximation quarterly growth rate of the value of sean's house is near the Compounded quarterly interest .

Thus Option (A) is correct.

i.e

The expression $(1.0118)^{4t}$ reveals the approximate quarterly growth rate of the value of Sean's house.

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Let’s simply step-by-step.
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COMBINE LIKE TERMS:
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navik [9.2K]

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