Answered

Looking for reliable answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Get accurate and detailed answers to your questions from a dedicated community of experts on our Q&A platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

Nora inherited a savings account that was started by her grandmother 25 years ago. Her grandmother
deposited $500. The bank pays 5% interest per annum. Interest is paid every 3 months. Write an
equation that can be used to find the amount of money she has after 25 years

Sagot :

desaniamiya101

Answer: [tex]A = 500(1.0125)^{100}[/tex]

Step-by-step explanation:

Compound interest

A = P(1 + r/n)^nt

A is the final amount (what we are solving for)

P is the initial principal balance (P=500)

r is the interest rate as a decimal (r=0.05)

t is the time (25 years)

n is the number of times it is compounded yearly (every three months so n=4)

A = 500(1 + 0.05/4)^4(25)

A = 500(1 + 0.0125)^4(25)

A = 500(1.0125)^4(25)

A = 500(1.0125)^100

We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.