MATHEMATICS MIDDLE SCHOOL

2) Amanda invests $6,540 in a retirementaccount with a fixed annual interest rate of
5% compounded 6 times per year. What will
the account balance be after 20 years?
A) $16,031.88 B) $17,704.05
C) $15,329.01 D) $16,844.10

Answers

Answer 1
Answer:

Answer:

B) $17,704.05

Step-by-step explanation:

20 years later is a time in the future so you use Future value formula;

FV = PV* (1+r)^t

where PV= Amount invested in the present = $6,540

r= discount rate = (5% / 6) = 0.833% or 0.00833

t= total duration = 20 *6 = 120

Next, plug in the numbers into the formula;

=6,540* (1+0.00833)^120

=6,540 * 2.707041491

= 17,704.05

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Hi there!


You know how in a decade are 10 years?

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Step-by-step explanation:

See attachment. I have provided the teacher's instructions along with the algebra problem. Please let me know if you can assist?

Answers

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Answers

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Answers

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