Ashley invests $9,720 in a one-month money market account paying 3.16% simple annual interest and $8,140 in a two-year CD yielding 3.23% simple annual interest. Assuming Ashley does not reinvest or renew these investments, how much money will she have when both investments reach maturity, to the nearest dollar?a.
$550
b.
$1,080
c.
$17,310
d.
$18,411
Answers
Answer:
Total Amount ≈ $18,411.59
D.
Step-by-step explanation:
In order to determine the total amount that Ashley will possess when both investments reach maturity, one may utilize the formula for simple interest:
Simple Interest (I) = P * r * t
Where:
I = Interest earned
P = Principal amount (initial investment)
r = Annual interest rate (expressed as a decimal)
t = Time (in years)
The interest for each investment may be calculated as follows:
For the one-month money market account:
P1 = $9,720
r1 = 3.16% or 0.0316 (as a decimal)
t1 = 1/12 year (one month is 1/12 of a year)
I1 = 9,720 * 0.0316 * (1/12) = $25.63 (rounded to the nearest cent)
For the two-year CD:
P2 = $8,140
r2 = 3.23% or 0.0323 (as a decimal)
t2 = 2 years
I2 = 8,140 * 0.0323 * 2 = $524.96
The total amount that Ashley will possess when both investments reach maturity may now be calculated as follows:
Total Amount = P1 + I1 + P2 + I2
Total Amount = $9,720 + $25.63 + $8,140 + $524.96
Total Amount ≈ $18,411.59
Rounded to the nearest dollar, Ashley will possess approximately $18,412 when both investments reach maturity.
Related Questions
Emma has a white and red cube. The surfaces of each cube are numbered with a unique number from 1-6. If Emma tosses the cubes, what is the probability she will get a 4 on the White cube and an odd number of the red cube?
Please help me, find the slope and y intercept and then write the linear equation from the x/y table
What is the work to this ? 6=-3(x+2)
In accordance with 14 CFR Part 107, at what maximum altitude can you operate an sUAS when inspecting a tower with a top at 1,000 ft AGL at close proximity (within 100 feet)?
Answers
x-1=2y
x-1/2=2y/2
y=1/2x-1/2
x-y=12
x-(1/2x-1/2)=12
x-1/2x+1/2=12
1/2x+1/2-1/2=12-1/2
1/2x÷1/2=11 1/2÷1/2
x=23
x-y=12
23-y=12
23-23-y=12-23
-y=-11
y=11
Check
23-1=2(11)
22=22
None
Two
Infinitely many
Answers
Answers
Answer:
In polar coordinates, the origin is called the pole.
Answers
The Greatest common factor of the number 22 and the number 48 is 2.
Given numbers:
22 and 48.
First, the factors of 22 are:
22 = 1, 2, 11 and 22
and, the factor of 48 are:
48 = 2, 3, 4, 6, 8, 12, 16, 24 and 48
Now, the common factors of 22 and 48 are: 1 and 2.
Therefore, the Greatest common factor of 22 and 48 is 2.
Learn more about Greatest common factor here:
#SPJ6
11|11
1
48|2
24|2
12|2
6|2
3|3
1
Answers
Answer:
d.squares
Step-by-step explanation:
Answer:
if you can select more than one answer, then the answers are B. Quadrilaterals and C. parallelograms
Answers
Answer:
71 degrees
Step-by-step explanation:
The angles in a triangle add to 180 degrees, so
∠M + ∠A +∠T = 180
We know ∠M is 82 degrees, and ∠A is 27 degrees, so we can substitute them in.
82+27+∠T=180
109+ ∠T=180 Combine like terms by adding 82 and 27
109-109+ ∠T=180-109 Subtract 109 from both sides to get ∠T by itself
∠T=71
So, the m∠T is 71 degrees