Question

HELP WITH THREE QUESTIONS MEDAL AND FAN WILL BE GIVEN A $4,000.00 principal earns 5% interest, compounded annually. After 4 years, what is the balance in the account? (1 point)

$500,000.00
$4,862.03
$4,600.00
$20,250.00

24.
A $6,000.00 principal earns 8% interest, compounded semiannually. After 35 years, what is the balance in the account? (1 point)

$22,800.00
$39,600.00
$88,712.07
$93,429.71

25.
A tractor costs $15,450.00 and depreciates in value by 14% per year. How much will the tractor be worth after 3 years? (1 point)

$22,8

Answer 1

@KirbyLegs can you help please

Answer 2

@oneinmillon do you know

Answer 3

the first one is the third choice
#24 is the second choice
#25 i dunno

Answer 4

$22,889.85
$15,408.00
$8,451.28
$9,827.07 those are the answer choices for 25

Answer 5

24.

Where P is the present value, or principal
r is the compounded rate of interest
m is the number of divisions per year (in this case 2, since it's compounded semi-annually, or per half-year)

n is the number of years.

n is still 35 years okay?
And don't forget that r should not be in percent, but in decimal:
8% = 0.08

P is 6000, so... we basically have
6000(1.04)^70

we get 1.04 from 1+r/m

r = 0.08 since the rate is 8%
m is 2, since it's compounded per half-year (semi-annually)
so..
1+0.082/2=1+0.04=1.04

so, answers D fro question 24