Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.
Sagot :
Answer:
account balance at graduation is 674.17
Step-by-step explanation:
given data
deposit money P = 500
interest rate = 3 % compounded quarterly
we take time period = 10 year ( 2nd grade to 12 grade)
solution
we apply here compound interest formula that is
amount = [tex]P \times (1+\frac{r}{4})^{4t}[/tex] ..................1
put here value and we get
amount = [tex]500 \times (1+\frac{0.03}{4})^{4\times 10}[/tex]
amount = 674.174
so account balance at graduation is 674.17
Answer:
$694.63
Step-by-step explanation:
The formula is p(1+r/n)^tn. P, or the principal amount, is 500 dollars. R, or the rate as a decimal, is 0.03. N, or the number of times compounded yearly, is 4. T, or the time in years, is 11, since there are 11 years from grade 2 to grade 12. 12-2+1=11. Now, plug in the information given. 500(1+0.03/4)^4*11 = 500(1.0075)^44 = 694.63 dollars, rounded to the nearest cent.
We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.
