david93756 david93756
  • 12-04-2021
  • Mathematics
contestada

1. Mira invested $500 compounded monthly at 3.5%. How much will it be worth in 4 years?

Respuesta :

hotdiggitydog21
hotdiggitydog21 hotdiggitydog21
  • 12-04-2021

Answer:

First, convert R as a percent to r as a decimal

r = R/100

r = 3.5/100

r = 0.035 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 500.00(1 + 0.035/12)(12)(4)

A = 500.00(1 + 0.002916667)(48)

A = $575.02

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $500.00 at a rate of 3.5% per year compounded 12 times per year over 4 years is $575.02.

Answer Link
JanaFaithSlay
JanaFaithSlay JanaFaithSlay
  • 12-04-2021

Answer: A = $575.02

Step-by-step explanation:

Answer Link

Otras preguntas

Julio planted 16 daisies and 10 sunflowers. His neighbors goat ate 5 daisies and 5 sunflowers. Did the goat eat a larger fractioal part of the daisies or the su
This court will hear cases involving U.S. tariff laws.
Why can agricultural run-off kill fish in coastal areas that are potentially hundreds of miles from the fields? a.The fertilizer traps sediments which ultimatel
Which values or value are the expressions 15k + 9 and 3(2k + 3) +9k equivalent to?
What are 4 factors that affect a person’s earning power?
who was the first president?
lee is thinking of two Numbers,the product is 18. the quotient is 2
how do u say go sit down in creole
What is the enviromental problem/issue in the ecosystem?
Which word correctly completes the sentence? Do you see how those __________ tails swish back and forth as they walk? A. horses' B. horses C