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 PLEASE

Answers

Answer 1

Answer:

We conclude that the total amount accrued, principal plus interest,  from compound interest on an original principal of  $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.

Step-by-step explanation:

Given

Principle P = $2500

Interest rate r = 5% = 0.05

Time period t = 8 years

To determine

Accrue Amount A = ?

Using the compound interest equation

[tex]A\:=\:P\left(1\:+\:\frac{r}{n}\right)^{nt}[/tex]

where:

A represents the Accrue Amount

P represents the Principal Amount

r represents the interest rate

t represents the time period in years

n represents the number of compounding periods per unit t

Important tip:

Given that the interest is compounded 6 times each year, therefore, the value of n = 6.

now substituting P = 2500, r = 0.05, t = 8 and n = 6 in the equation

[tex]A\:=\:P\left(1\:+\:\frac{r}{n}\right)^{nt}[/tex]

[tex]A=2500\left(1+\frac{0.05}{6}\right)^{\left(6\right)\left(8\right)}[/tex]

[tex]\:A=2500\left(1+\frac{0.05}{6}\right)^{48}[/tex]

[tex]A=2500\times 1.48935[/tex]      ∵  [tex]\left(1+\frac{0.05}{6}\right)^{48\:\:}=1.48935[/tex]

[tex]A=\:3723.38[/tex] $

Therefore, we conclude that the total amount accrued, principal plus interest,  from compound interest on an original principal of  $2500 at a rate of 5% per year compounded 6 times per year over 8 years is $3723.38.


Related Questions

Calculate the slope of the line on the graph using the formula: m=y2-y1/x2-x1
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The slope is 4 m/s
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Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Write the vertex form of the quadratic equation.
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Answer:

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Step-by-step explanation:

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-3

Step-by-step explanation:

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Answer:

72, 72, 108, 108

Step-by-step explanation:

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4x=288

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find the value of X ​

Answers

your answer would be X equals 50.6cm

Answer:

x = 50.6 cm

Step-by-step explanation:

ΔMAB ≈ ΔNMP

set up a proportion:  MA / MN = MB / MP

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Why does the sin 0 = cos (90 - 0)?

Answers

Answer:

It is a nonexistent circumstance where one point of a correct triangle gets zero. Attempt to think. At the point when the point becomes zero, at that point the base gets 0, and the opposite and the hypotenuse turns into a similar line. Since in cos 90, base is 0, in this manner consequently cos 90 is zero.

(Hope this helps! Btw, I am the first to answer. Brainliest pls!)

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Answers

He had 7 and now he has 0.

What is the sum? Question 1 of 60

Answers

Answer:

A

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2+3=5 and if you add 1 to 7 you get 8 and that would make a whole and whole is 1 so you add 1 to 5

Answer:

2 1/8 + 3 7/8 = 6

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Step-by-step explanation:

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HOPE THIS HELPS!!!!!

What part of an hour elapses from 3:12 PM to 5:30 PM?

Answers

Answer:

3:18

Step-by-step explanation:

From 3:12 PM to 5:12 PM it's 3 hours.

From 5:12 PM to 5:30 PM it's 18 minutes.

Total elapsed time: 3:18

I don't know why the question asks "what part of an hour" when the answer is more than 3 hours.

Solve for a

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Answers

[tex] {a}^{2} + {b}^{2} = {c}^{2} [/tex]

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[tex] \sqrt{28} [/tex]

Answer:

[tex]\boxed{\sf{a=\sqrt{28} }}[/tex]

Step-by-step explanation:

Pythagorean theorems can be applied to solve this problem.

Pythagorean theorem:

[tex]\rightarrow \sf{a^2+b^2=c^2}[/tex]

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Solve.

PEMDAS stands for:

ParenthesisExponentsMultiplyDivideAddSubtract

[tex]\sf{8^2-6^2}[/tex]

Solve by exponents from left to right numbers.

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Then, subtract.

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I hope this helps you! Let me know if my answer is wrong or not.

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Answers

Answer:

D. m≥12

Step-by-step explanation:

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Answer:

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Step-by-step explanation:

~Hoped this helped~

HELP ASAP WILL GIVE BRAINLEST TO CORRECT ANSWER

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Answers

Circumference = Pi x diameter

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Answers

Answer:

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Step-by-step explanation:

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2. 1.3 = c

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Answer:

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Answers

Answer:

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Step-by-step explanation:


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Answers

Answer:

y = 9

Step-by-step explanation:

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Horizontal lines have a slope of 0.

Using this slope and the point given, plug them into y = mx + b to solve for b and create the equation

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Trap spacing measurements​ (in meters) for a sample of seven teams of red spiny lobster fishermen are provided. Let represent the average of the trap spacing measurements for the population of red spiny lobster fishermen fishing in a particular region. The mean and standard deviation of the sample measurements were previously computed to be x=89.4, and s=11.4 meters respectively. Suppose the fishermen want to determine if the true value of differs from 95 meters

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Look up on connect for the answer

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Answers

Answer:

1

Step-by-step explanation:

make all fraction have the same denominator:

7/10 - x + 15/10 = 12/10

isolate x: 12/10 - 7/10 - 15/10 ---> -x = -10/10

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x = 1

Answer:

1

Step-by-step explanation:

Let the no. be x

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Answers

Answer:

Step-by-step explanation:

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Answers

Answer:

117

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

Answer:

B. 0.5

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We would make that a fraction.

5/10

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Answers

9514 1404 393

Answer:

  23.37 cm

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Answers

Answer:

When we have a point (a, b) and we have a dilation of scale factor K centered at the origin, the new coordinates of this point will be:

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In this case, we can find the original coordinates of the endpoints of the original segment.

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Answers

Answer:

Quarters = 10

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Step-by-step explanation:

Given that :

Quarters = $0.25

Dimes = $0.10

Total value =. $3.80

Let :

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Dimes = a + 3 (3 more dimes Than quarters)

0.25a + 0.10(a + 3) = 3.80

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Please Answer and Explain Thanks

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Answers

Answer:

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Answers

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Step-by-step explanation:

Answer:

Decimal 4.52

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