Question

You deposit $5000 in an account that earns 4.5% annual interest. Find the balance after one year if the interest is compounded with the given frequency.

1. annually 2. quarterly 3. monthly

Answer 1

@Mertsj

Answer 2

What is the equation?

Answer 3

idk...wait to i have to write an equation myself? or is it given somewhere

Answer 4

You should have a formula for this problem.

Answer 5

ohh yes compound itrest formula: P(1+r/n)^nt

Answer 6

Replace p with 5000, r with .045, n with 1 for compounded annually and t with 1

Answer 7

wait theres twon ns can u draw it out please im getting confused

Answer 8

@Mertsj

Answer 9

So what if there is 2 n's. Replace them with 1

Answer 10

what does n stand for??

Answer 11

The number of compounding periods in 1 year.

Answer 12

ok imma solve it and can u check my answers?

Answer 13

$5225 for annually?

Answer 14

yes

Answer 15

i dont get quarterly do i do the paranthesis first so 1+.045/4^4

Answer 16

i got $5228.8 idk if thats correct

Answer 17

What do the rules for order of operations tell you to do first?

Answer 18

paranthesis

Answer 19

5228.83
It's money. You have to round to the nearest penny

Answer 20

5229

Answer 21

I guess you don't know the difference between dollars and cents.

Answer 22

? i dont get it...

Answer 23

If I have this number: $5228.82543165 and I want that number to be dollars and cents I would have only 2 numbers after the decimal point because in our country $24.76 means 24 dollars and 76 cents.

Answer 24

so it would be $5228 and 83 cents

Answer 25

Which would be written $5228.83.
What country are you from?

Answer 26

CA

Answer 27

n for monthly is 12 right?

Answer 28

CA is NOT a country. It is a state and they have the same money system as the rest of the country.

Answer 29

yes

Answer 30

im sorry America

Answer 31

how long r u on till i want u to check my answers?