A freelance artist is paid $3,520 for a contracted job. The money is invested in a savings account earning 3.05% annual interest compounded monthly. What is the total account balance after 6 months? The image presents a list of four options, each accompanied by a radio button for selection. The options display monetary values, which are as follows:1. $3,573.682. $3,574.023. $3,628.874. $4,225.89Each value is displayed next to a circular radio button, indicating that only one selection can be made at a time. There are no graphs or additional diagrams included in the image.

Paid amount = $3520Rate = 3.05 %Time = 6 months = 1/2 years Compunded monthly Formula for compounded…

Answered: A freelance artist is paid $3,520 for a…

A freelance artist is paid $3,520 for a contracted job. The money is invested in a savings account earning 3.05% annual interest compounded monthly. What is the total account balance after 6 months?

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

See similar textbooks

Related questions

Q: eposits $8600 in a bank account that pays a simple interest rate of 6.5% per annum. find how long it…

A: Given that Principal amount (P) = $8600 Interest rate (R) = 6.5% per annum = 0.065 We know that…

Q: Calculate the amount of interest on an investment of AED 160,425 at 8% simple interest for 4 years.

A: To Calculate the amount of interest on an investment of AED 160,425 at 8% simple interest for 4…

Q: An account with an initial balance of 1500 earns 7% interest for 1.5 years. What is the ending…

A: Given: Initial Amount P = 1500 Interest rate r = 7% Time = 1.5 years Find ending balance A…

Q: Joy Wigens, who works at Putnam Investments, received a check for $2,670. She deposited 1/3 of the…

A: Depositing money in the bank refers to placing the money in the bank to get an interest rate.…

Q: Due to depreciation, the cost of a car decreases by 10.2% every year. How much is the estimated…

A: The solution is given below.

Q: A principal of P86, 000 will amount to how much when invested 2 years and 6 months at 11.25%…

Q: Sam borrows $28 000 to buy a new car at a flat interest rate of 9% per annum over 3 years. How much…

A: It's a question of flat (simple) interest rate. We will calculate interest, add the same to the…

Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 10% interest. How…

A: It is given that, the future value is FV = $400,000, n=25×12=300, and r=10%=0.112 since each month…

Q: Assume a 6 month CD purchase for 5,000 pays simple interest at an annual rate of 9.5. How much…

Q: A stock pays an annual dividend of $1.14 per share. Calculate the dividends paid to a shareholder…

A: The dividend paid for a stock is $1.14 per share. The number of shares a shareholder has is 305.

Q: You put $200 per month in an investment plan that pays an APR of 4.5%. How much money will you…

Q: You have $300,000 saved for retirement. Your account earns 8% interest. How much will you be able to…

A: It is given that, r= annual interest rate=8%=0.08 k=monthly compounding=12 N=number…

Q: Vince deposits $680 into a savings account that earns interest at a rate of 5.5% monthly. In seven…

A: Given: Vince deposits $680 into a savings account that earns interest at a rate of 5.5% monthly for…

Q: Find the simple interest and total amount if you borrow $8000 at 12% for 3 years.

Q: Accumulate ₱54,000 at 11.75% interest when compounded quarterly for 4 years and 4 months.

A: Solution

Q: You take a loan from your local bank. Determine the interest that is accrued on $7000 for five years…

Q: Please do not give solution in image format thanku Jim lost 3lbs each week for 5 weeks. Express his…

A: Given: Jim lost weight 3lbs in each week.Find:how many weight loose in 5 week.

Q: How much should Allyson put into 6% saving account in order to have Php. 100,000.00 in 5 years?

Q: You invest $10,000 in the Big Delta mutual fund. Over 5 years, your investment grows in value to…

A: According to the given data Initial investment is $10000 After 5 years it becomes $17320 That means…

Q: Find how much should be invested to have $16,500 in 9 months at 9.7% simple interest.

A: It is an important part of statistics . It is widely used .

Q: Bertha invests $10,000 for 8 years which results in an account balance of $24,759.63. What was her…

A: Given Bertha invested $10,000 for 8 years which resulted in an account balance of $24,759.63.

Q: You took out a loan of $8,000 in 2015 at an interest of 6% simple interest. What is the total amount…

A: We have to solve the given question.

Q: Find the interest due on $1,400 at 9% for 270 days

Q: Nancy deposited $950 into an account that pays 5.41% annual interest compounded annually. When she…

Q: Kevin takes out a $350 000 mortgage for 30 years at 2.05% annual interest compounded quarterly. His…

A: The EMI i.e. the monthly payment required to be done by Kevin includes the interest component to be…

Q: Suppose you want to have $800,000 for retirement in 30 years. Your account earns 9% interest. How…

A: Given, Future value (FV) = $800,000 Rate of interest (r) = 9% Time (t) = 30 years n = 12 ( months)…

Q: What is the accumulated amount earned on $20,000 invested at 3% per year for 5.5 years

A: We have to find the interest first and by adding investment value we get the accumulated value

Q: A WSU student invests $13,000 for 4 years at an annual simple interest rate of 12%. How much will be…

Q: Write an equation of the line perpendicular to y=1/2x - 8 that passes through (-3,6)

A: The equation of line in slope intercept form is y=mx+b Where m is the slope and b the y intercept

Q: You want to withdrawal $25000 a year for 20 years. Your account earns 10% interest. How much do…

A: Sol:- This is a classic example of a "present value of an annuity" problem, where we need to…

Q: You deposited $900 into a savings account paying 2% compounded quarterly. Two years later, you…

A: Given: You deposited $900 into a savings account paying 2% compounded quarterly. Two years later,…

Q: find simple interest on $1250 for 10 months at 12%

A: To find simple interest on $1250 for 10 months at 12%

Q: Based on making 46000 a year and saving 16% of that monthly income what is the monthly amount that…

Question

100%

A freelance artist is paid $3,520 for a contracted job. The money is invested in a savings account earning 3.05% annual interest compounded monthly. What is the total account balance after 6 months?

The image presents a list of four options, each accompanied by a radio button for selection. The options display monetary values, which are as follows:

1. $3,573.68
2. $3,574.02
3. $3,628.87
4. $4,225.89

Each value is displayed next to a circular radio button, indicating that only one selection can be made at a time. There are no graphs or additional diagrams included in the image.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Data given in the Question

VIEW

Step 2: Find the value of the money after 6 months

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Dylan and Liz multiply 48,292.72 by 4 to make a total savings goal for college. If they want to have that amount of money in 12 years, then how much do they need to deposit into a savings fund monthly? Assume that the fund gives 8.4% APR compounded monthly.
You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 4%. How much money do you need to deposit each month?
How much interest is owed on a 9-month, $5550 loan borrowed at 7.25% simple interest?
You put $350 per month in an investment plan that pays an APR of 4.5%. How much money will you have after 21 years? Compare this amount to the total deposits made over the time period.
Determine the total value of an investment of $4750 invested at 9.7% simple interest for 8.25 years.
How much simple interest is earned on $9,000 deposited in a bank for 1 year at 4.8% annual interest?
Craig decides to purchase a property that has been valued at $560,000. He has $90,000 available as a deposit and will require a mortgage for the remaining amount. The bank offers him a 25 year mortgage at 2% interest. Calculate the total interest he will pay over the life of the loan, assuming he makes monthly payments.
How much is the monthly payment?
Carl invested $10000 into a CD that compounds quarterly with an annual interest rate of 4.5%. Determine how much money Carl would have after 10 years.
How much total money will be put into the account and how much total interest will be earned?
A bank lends $9000 at 7% simple interest. At the end of 1 year, how much interest is owed on the loan?
Reymark deposited ₱25,000 to his bank account with an annual interest of 4% that is compounded monthly. How long does he have to wait before he get a ₱45,000 on his account?