olivia deposits $6,952 in a savings account paying 3.72% interest. to the nearest dollar, how much money does olivia have in total after sixteen years?

Answers

Answer 1

Answer: The principal, P is $6 952.

Interest, R is 3.72% per year.

Time T = 16 years.

For simple interest, Amount A = P(1 + RT)

For compound interest, A = P(1+R)^T

a) If the money was saved as Simple Interest, Amount A

A = 6952 * (1 + 3.72% * 16)

A = 6952 * ( 1 + (3.72/100) * 16 )

A = 6952 * ( 1 + 0.5952)

A = 6952 * 1.5952

A = 11 089.8304

Amount if savings was simple interest, Amount at the end of 16 years =

$11 089.83

b) If the money was saved as Compound Interest, Amount A

A = 6952 * (1 + 3.72%)^16

A = 6952 * ( 1 + (3.72/100))^16

A = 6952 * ( 1 + 0.0372)^16

A = 6952 * 1.0372^16. Using your calculator.

A = 12 471.24735

Amount if savings was compounded interest, Amount at the end of 16 years =

$12 471.25

The question is was the amount saved as Simple Interest or Compound Interest?

It was not stated, but it is normal to use compound interest in real life.

I hope this helped.

Related Questions

Factor completely 5x2 − 40.5(x + 8)(x − 8) 5(x2 − 8) 5(x + 8)(x − 5 Prime
Help please! I have to do this math test and I dont understand
Taylor cuts 1/5 sheet of construction paper. What fraction is equivalent to 1/5 ?1/6 3/15 15/45 15/3
Present age of Ram and Ravi are in the ratio4:3.The ratio of their ages will be 5:4 after 5 years. Find Ravi's present age
Which is a factor of x^2 + 8x – 48?(x – 6) (x + 4) (x – 16) (x + 12)

Enter the equation of the circle described below.

Center (5, 2), radius = 3

Answers

Equation of the circle;
$(x-a)^(2) + (y-b)^(2) = r^(2)$
a=5, b=2 and r= 3
$(x-5)^(2) + (y-2)^(2) = 3^(2)$

for a circle with center (h,k) and radius, r
the equaiton is
$(x-h)^2+(y-k)^2=r^2$

so

center=(5,2), radius=3

$(x-5)^2+(y-2)^2=3^2$
$(x-5)^2+(y-2)^2=9$

there are four toppings available for a pizza. how many flavor combinations are there for a pizza with two different toppings?

Answers

There are 6 different combinations available if you were to have 2 diff toppings each time

Kelly is in a hot air balloon that has just taken off and is now floating 7 meters above its launching point. Denise is standing on the ground, 7 meters away from the launching point. How far apart are Kelly and Denise? If necessary, round to the nearest tenth. For 8th grade\

Answers

Answer:

9.9 meters

Step-by-step explanation:

Given that the distance between Kelly and launching point was 7m and also the distance between launching point and Dennis was also 7m, to calculate for the distance between Kelly and denise is done by applying the formula used for calculating the hypotenuse in a right angle triangle (the shape that was created)

PICTURE ATTACHED IS A DETAILED STEP BY STEP PROCESS OF HOW 9.9m WAS GOTTEN.

A perfect score on a quiz is 100. Mrs. Frisoil gives students 1 point for putting their name on the paper. If there are only 9 questions on the quiz, how much is each question worth? Explain how you found your answer

Answers

Answer:

Step-by-step explanation:

Let's start with the total number of points (100) and take what we already know, away.

We know the name is worth one point.

99 points left over

Let's divide by the 9 questions there are to see if they all equal the same.

They do because 99/9 is 11 points each!

Very glad I could help!!

On a map, Julia's home is 8.5 in. from the library. If the map scale is 1 in.: 0.25 mi, how many miles from the library does Julia live?

Answers

Just multiply.

$\sf8.5*0.25=\boxed{\sf2.125}$

If the map scale is 1 inch: 0.25 miles, then we can multiply 0.25 x 8.5 to get our answer. 0.25 x 8.5 = 2.125, so Julia's home is 2.125 miles away from the library. :)

A company stock is valued at $25.15 per share. The stock is losing value at a rate of $1.75 per day. What is the stock's value after 3 days?

Answers

Three days the stock would lose 1.75*3 or $5.25, and the stock would be worth $19.9.

Other Questions

What is the value of the fourth term in a geomtric sequence for which a1=15

Given the box plot, will the mean or the median provide a better description of the center? box plot with min at 11, Q1 at 22.5, median at 34.5, Q3 at 32, max at 37.5 The mean, because the data distribution is symmetrical The mean, because the data distribution is skewed to the left The median, because the data distribution is skewed to the left The median, because the data distribution is skewed to the right

At the post office, Karen mails three packages that weigh 7.2, 7.5, and 7.9 pounds. The post office that Karenuses rounds the weight of a package to the nearest pound to determine the price of shipment. It costs $3 to mail a package that weighs 7 pounds and $3.75 for packages that weigh 8 pounds. (a) How much did Karen pay to ship each package? (b) Karen has $10.25 in her wallet in cash. Use subtraction to determine whether Karen has enough to mail the three packages and how much extra money she has or needs.

How to increase numbers