menu
QAmmunity.org
Login
Register
My account
Edit my Profile
Private messages
My favorites
Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question
Jimmy invests $3000 in an account with a 3.8% interest rate, making no other deposits or withdrawals. What will Jimmy’s account balance be after 9 years if the interest is compounded quarterly? Round to
asked
Feb 25, 2018
158k
views
0
votes
Jimmy invests $3000 in an account with a 3.8% interest rate, making no other deposits or withdrawals. What will Jimmy’s account balance be after 9 years if the interest is compounded quarterly? Round to the nearest cent.
Mathematics
college
Bfuoco
asked
by
Bfuoco
9.0k
points
answer
comment
share this
share
0 Comments
Please
log in
or
register
to add a comment.
Please
log in
or
register
to answer this question.
1
Answer
7
votes
Use the formula A(t)=P(1+[r/n])^(n)(t) which for us looks like this:
A(t)= 3000(1+[.038/4])^(4)(9). Doing that math, you have 3000(1.405489). The product of that is $4216.47
Estanford
answered
Mar 1, 2018
by
Estanford
8.1k
points
ask related question
comment
share this
0 Comments
Please
log in
or
register
to add a comment.
← Prev Question
Next Question →
Related questions
asked
Dec 20, 2021
48.1k
views
Jimmy invests $500 in an account with a 3% interest rate, making no other deposits or withdrawals. What will Jimmy’s account balance be after 10 years if the interest is compounded 2 times each year?
Evgeny Karpov
asked
Dec 20, 2021
by
Evgeny Karpov
8.6k
points
Mathematics
college
2
answers
2
votes
48.1k
views
asked
Jul 18, 2023
172k
views
Jimmy invests $500 in an account with a 3% interest rate, making no other deposits or withdrawals. What will Jimmy’s account balance be after 10 years if the interest is compounded 2 times each year? $673.
Vinee
asked
Jul 18, 2023
by
Vinee
8.8k
points
Mathematics
college
1
answer
5
votes
172k
views
asked
Sep 3, 2022
159k
views
Jimmy invests $2500 in an account with a 5% interest rate, making no other deposits or withdrawals. What will Jimmy’s account balance be after 8 years if the interest is compounded 6 times each year? URGENT
Louise Davies
asked
Sep 3, 2022
by
Louise Davies
8.4k
points
Mathematics
high-school
1
answer
17
votes
159k
views
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.
9.4m
questions
12.2m
answers
Other Questions
How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Twitter
WhatsApp
Facebook
Reddit
LinkedIn
Email
Link Copied!
Copy
Search QAmmunity.org