/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q. 8 Find the amount that results fro... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 5: Q. 8 (page 324)

Find the amount that results from each investment, $50 invested at 6% compounded monthly after a period of 3 years.

Short Answer

Expert verified

The amount is $59.83

Step by step solution

01

Step 1. Given information

The Principal investment, P=$50

The rate of interest is expressed as a decimal, r=6%=6100=0.06

The time period, t=3

The investment compounded monthly,n=12

02

Step 2. Use Compound interest formula

The amount Aafter tyears due to a principal P,at a annual rate rcompounded ntimes per year,role="math" localid="1647108907550" A=P1+rnnt

03

Step 3. Calculation

Substitute the given values inA=P1+rnnt

A=P1+rnntA=$501+0.061212脳3A=$501.00536A=$501.196A=$59.83

The amount is $59.83

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Use a calculator to compute the various values of the expression. Compare the values to e.

2+11+12+23+34+4etc

Do you think that there is a power function that increases

more rapidly than an exponential function whose base is greater than 1 ? Explain.

In Problems 41-52, use transformations to graph each function. Determine the domain, range, and horizontal asymptote of each function.

y=2x+1

Evaluate each expression using the values given in the table.

(a) f鈭�g1(b) f鈭�g2(c) g鈭�f2(d) g鈭�f3(e) g鈭�g1(f) f鈭�f3.

Answers are given at the end of these exercises. If you get a wrong answer, read the pages listed in red.

For an exponential function, f(x)=Cax,f(x+1)f(x)=
See all solutions

Recommended explanations on Math Textbooks

Theoretical and Mathematical Physics

Read Explanation

Discrete Mathematics

Read Explanation

Calculus

Read Explanation

Statistics

Read Explanation

Probability and Statistics

Read Explanation

Decision Maths

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.