Suppose Mai places $3500 in an account that pays 19% interest compounded each year. Assume that no withdrawals are made from the account. Follow the instructions below. Do not do any rounding. (a) Find

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Tags
Categories
Ask a Question

Hugo Allexis Cardona asked Apr 17, 2023

79,165 views

1 vote

Suppose Mai places $3500 in an account that pays 19% interest compounded each year.

Assume that no withdrawals are made from the account.
Follow the instructions below. Do not do any rounding.
(a) Find the amount in the account at the end of 1 year.
S
(b) Find the amount in the account at the end of 2 years.

Mathematics
college

Hugo Allexis Cardona asked Apr 17, 2023

by Hugo Allexis Cardona

2.8k points

0 Comments

Your comment on this question:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Your answer

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

1 Answer

18 votes

Answer:

a.$4165

b.$4956.35

Explanation:

a)19% × 3500 = 665.

3500+665 =4165

b)19% × 4165 = 791.35

4165+791.35= 4956.35

Pvinis answered Apr 23, 2023

by Pvinis

3.5k points

0 Comments

Your comment on this answer:

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

0 Comments

Your comment on this question:

Your answer

1 Answer

0 Comments

Your comment on this answer:

Other Questions