taralynnwashington1 taralynnwashington1
  • 01-06-2022
  • Mathematics
contestada

Arianna invests $5600 in a new savings account which earns 5.4% annual interest, compounded quarterly. What will be the value of her investment after 8 years? Round to the nearest cent.

Respuesta :

sheenuvt12 sheenuvt12
  • 02-06-2022

The value of her investment after 8 years is  $8,293.81.

What do interest rates mean?

An interest rate tells you how high the cost of borrowing is, or high the rewards are for saving.

Given:

P= $5600

r= 5.4%

t= 8 years

Then solve the equation for A

A = P(1 + r/n)^nt

A = 5,400.00[tex](1 + 0.054/4)^{4/8}[/tex]

A = 5,400.00[tex](1 + 0.0135)^{32}[/tex]

A = $8,293.81

Hence, the value will be $8,293.81.

Learn more about interest here:

https://brainly.com/question/13730202

#SPJ1

Answer Link

Otras preguntas

The Rodriguez family went to dinner at at Pasta Palace. Mr. Rodriguez ordered a meal for $6.25; Mrs. R ordered a meal for $7.50; the 2 children ordered individu
Why was New York City chosen as the first capital of the United States
.04 is one tenth of what number?
what multiplies to negative 24 and adds to 2
Which recursive formula can be used to generate the sequence shown, where f(1) = 9.6 and n > 1? 9.6, –4.8, 2.4, –1.2, 0.6, ..
what is folk remedies
The word elliptical refers to what type of shape?
The average atomic mass of oxygen is 15.9994 amu. The atomic masses of its three isotopes are as follows: O-16: 15.995 amu; O-17: 16.999 amu; O-18: 17.999 amu W
write 7 as a fraction with the 9 in the denominator
Confucius belief That government service should be open to all able men led to