Concept explainers
Use the compound interest formulas
53. Find the accumulated value of an investment of $10,000 for 5 years at an interest rate of 5.5% if the money is a. compounded semiannually; b. compounded quarterly; c. compounded monthly; d. compounded continuously.
Want to see the full answer?
Check out a sample textbook solutionChapter 4 Solutions
College Algebra Essentials (5th Edition)
- 35 and 36.arrow_forwardThe last table to 5arrow_forwardQ.2 The sum of $1000 is deposited every year at 8% simple interest. Calculate the interest at the end of cach year. Do these interest amounts form an A.P?. If so,find the total interest at the end of 30 years. Q.3 A ladder leans against a brick wallI. The foot of the ladder is 6 feet from the wall. The ladder reaches a height of 15 feet on the wall. Find to the nearest degree, the angle the ladder makes with the wall.arrow_forward
- %3D 3. "Evaluate E (-1) nt2arrow_forwardGerald invested 150,000 at 35% for 2 1/2 years. a. How much interest will he earn? Prove your answerarrow_forwardUse the formula for continuous compounding o compute the balance in the account after 1, 5, and 20 years. Also, find the APY for the account. A $16,000 deposit in an account with an APR of 2.5%. C The balance in the account after 1 year is approximately $. (Round to the nearest cent as needed.)arrow_forward
- Find the amount of compound interest earned. 5) $5000 at 6% compounded annually for 3 yearsarrow_forward275 OR is deposited in A Principle of that pays balance func 2.75 interest Compounded yearly Account ot time Lyeardis əsuodsan u tion in responge Bly) = I(1+ %3D a. Find the account balance after 20 months. b. Show by graphing or decreasing. function is in creasing C. be 2275 OR. c After how ma ny years s the account balance willarrow_forwardI need help with this question (Not honor class) (Not grading)arrow_forward
- 3. nt The compound interest formulas are A = P 1+- and A= Pe" A bank features a savings account that has an annual percentage rate of r = 4.5 % with intere compounded quarterly. Omar deposits $4,000 into the account. а. What values should be used for A, P, r, and n? If not applicable, write DNE. A = r = P = n = b. Find the amount of money Omar will have in his account in 20 years. etranoqo oiiw amdigol lo sonroltible odi za gniwoliol odb othW bas (n Bolarrow_forward. Investment If $8000 is invested in an account earning 4% interest compounded monthly, how much will be in the account after7 years? Round to two decimal placesarrow_forwardHow much money must be deposited today to become $2050 in 20 years at 6.5% compounded continuously? The deposit must be $. (Simplify your answer. Type an integer or a decimal. Round to the nearest cent if needed.) Enter your answer in the answer box. MacBook Air DII DD 80 888 FB F6 esc F3 F4 F5 F1 F2 $ % & @ 2 3 4 6. 7 8 1arrow_forward
- Algebra and Trigonometry (6th Edition)AlgebraISBN:9780134463216Author:Robert F. BlitzerPublisher:PEARSONContemporary Abstract AlgebraAlgebraISBN:9781305657960Author:Joseph GallianPublisher:Cengage LearningLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra And Trigonometry (11th Edition)AlgebraISBN:9780135163078Author:Michael SullivanPublisher:PEARSONIntroduction to Linear Algebra, Fifth EditionAlgebraISBN:9780980232776Author:Gilbert StrangPublisher:Wellesley-Cambridge PressCollege Algebra (Collegiate Math)AlgebraISBN:9780077836344Author:Julie Miller, Donna GerkenPublisher:McGraw-Hill Education