Find the balance in the account after the given period. $700 principal earning 2.25%, compounded quarterly, after 6 years
1 answer
Question:
Find the balance in the account after the given period. $700 principal earning 2.25%, compounded quarterly, after 6 years
Answers
Answer: $800.87Step-by-step explanation:The compound interest formula tells you the amount A resulting from investment of principal P at rate r compounded n times a year for t years: A = P(1+r/n)^(nt)Filling in the given numbers and doing the arithmetic, we get ... A = $700(1 +.0225/4)^(4·6) ≈ $800.87The account balance will be $800.87.
Similar Solved Questions
2 answers
Justin sent 24 text messages on Monday, 48 on Tuesday, 36 on Wednesday, and 22 on Thursday. Use mental math to find the total number of messages he sent during the four days. Explain
Justin sent 24 text messages on Monday, 48 on Tuesday, 36 on Wednesday, and 22 on Thursday. Use mental math to find the total number of messages he sent during the four days. Explain...
1 answer
Calculate the monthly share of annual expenses and find the total monthly expenses. Annual Expenses: $3,494.04 Living: $475.75 Fixed: $679.65 Monthly share of Annual: Total Monthly Expenses:
Calculate the monthly share of annual expenses and find the total monthly expenses.
Annual Expenses: $3,494.04
Living: $475.75
Fixed: $679.65
Monthly share of Annual:
Total Monthly Expenses:...
1 answer
Advantages of practicing safety in the information communication technology laboratory
advantages of practicing safety in the information communication technology laboratory...
1 answer
Find the area of the quadrilateral fast plssif u give the anwer u wll be marked brainly
find the area of the quadrilateral fast plssif u give the anwer u wll be marked brainly...
1 answer
Why did napoleon bonaparte give up on his hopes of building a north American empire?
why did napoleon bonaparte give up on his hopes of building a north American empire?...
1 answer
What is the difference between geometric form and organic form?
What is the difference between geometric form and organic form?...
1 answer
Which is the largest religion in india? zoroastrianism hinduism daoism judaism?
Which is the largest religion in india? zoroastrianism hinduism daoism judaism?...
1 answer
Anong kahulugan ng "tumatanggap ng puna"?[tex]esp \: suject[/tex]
anong kahulugan ng "tumatanggap ng puna"?[tex]esp \: suject[/tex]...
2 answers
¿A qué se denomina costo de oportunidad? ¿Qué es el crecimiento económico desde esta perspectiva?
¿A qué se denomina costo de oportunidad? ¿Qué es el crecimiento económico desde esta perspectiva?...
1 answer
Which action by the British Parliament led to the First Contintental Congress?
Which action by the British Parliament led to the First Contintental Congress?...
1 answer
The Ohio State Buckeyes gained 8 yards, lost 4 yards, then gained 20 yards. How many total yards were gained or lost during the 3 plays?
The Ohio State Buckeyes gained 8 yards, lost 4 yards, then gained 20 yards. How many total yards were gained or lost during the 3 plays?...
2 answers
Which organism is a secondary consumer in this food web?rabbitsquirrel fox pine
Which organism is a secondary consumer in this food web?rabbitsquirrel fox pine...
1 answer
Ms. Webb bought 3 sparkly markers that are $1.20 each and 4 glitter glue sticks that are $1.05 each. These were on sale for 25% off. What is the discount amount?
Ms. Webb bought 3 sparkly markers that are $1.20 each and 4 glitter glue sticks that are $1.05 each. These were on sale for 25% off. What is the discount amount?...