MATHEMATICS HIGH SCHOOL

Find the balance in the account. $2,500 principal earning 4%, compounded quarterly, after 4 yearsA. $40,000.00

B. $41,600.00

C. $2,924.65

D. $2,931.45

Answers

Answer 1
Answer:

Answer:

The balance in the account is $2931.45 .

Option (D) is correct.

Step-by-step explanation:

Formula

Amount = P(1 +(r)/(4))^(4t)

Where P is the principle , r s the rate of interest in the decimal form and t is the time in years .

As given

The account. $2,500 principal earning 4%, compounded quarterly, after 4 years.

P = $2500

4% is written in the decimal form

= (4)/(100)

= 0.04

r = 0.04

t = 4 yeas

Put all the values in the formula

Amount = 2500(1 +(0.04)/(4))^(4* 4)

Amount = 2500(1 +(0.04)/(4))^(16)

Amount = 2500(1 +0.01)^(16)

Amount = 2500(1.01)^(16)

Amount = 2500* 1.17258

Amount = $2931.45

Therefore the balance in the account is $2931.45 .

Option (D) is correct.
Answer 2
Answer: Hello there,

A(4) = 2500(1.01)^16
----
A(4) = 2500*1.1726
----
A(4) = $2931.45

Hope this helps!

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Answer:

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Hope this helps to explain it! :)

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