Joann invested $43,000 at 6% to be compounded annually. What will be the value of Joann's investment in 2 years? Round your answer to the nearest cent. Note: 365 days in a year and 30 days in a month.

Answers

Answer 1

Answer:

Answer:

The total amount after 2 years of Joann's investment at a rate of 6% compounded annually is US$ 48.314.80 (rounded to the nearest cent)

Step-by-step explanation:

1. Let's review the data given to us for answering the question:

Investment amount = US$ 43,000

Duration of the investment = 2 years

Annual interest rate = 6% compounded annually

2. Let's find the future value of this investment after 2 years, using the following formula:

FV = PV * (1 + r) ⁿ

PV = Investment = US$ 43,000

number of periods (n) = 2 (2 years compounded annually)

rate (r) = 6% = 0.06

Replacing with the real values, we have:

FV = 43,000 * (1 + 0.06) ²

FV = 43,000 * (1.06) ²

FV = 43,000 * 1.1236

FV = US$ 48.314.80

Related Questions

What is 140% of 310? Round to the nearest hundredth (if necessary).
A circle is dovided into 18 equal parts. How many degrees is the angle for each part? How any degrees for 5 parts? Explain.
On a large sheet of graphing paper, Joan has drawn a picture of a castle by connecting vertex points on the grid. She decides that the picture would look better if it were reversed, changing the left side for the right side and the right side for the left. The vertex point that marks the top of the castle's flagpole is at (122, 73). If she reflected the picture across the y-axis, then what would be the new coordinates for the top of the flagpole? Type your answer as an ordered pair, like this example: (-12, 34).
816mm=_____ cm Convert 816mm=______ cm
Is 1.29 more than 1.202

A grocery store advertises that 15 cups of granola cost $6.75. Which are equivalent prices

Answers

Answer:the answer is A,C,and E

Step-by-step explanation:

which of what are equivilent prices?

Given, f(x)=x²-2x+3, find f(-2)

Answers

Answer:

Step-by-step explanation:

(-2)^2-2(-2)+3

(-2)(-2)+4+3

4+4+3

8+3

What is one sixth plus one fourth?

Answers

1/6 + 1/4 = 5/12
(1/6)*2 + (1/4)*3
2/12 + 3/12
(2+3)/12
5/12

Kevin draws a figure that has four sides.All sides are the same lengthHis finger has no fight angles.What figure does Kevin draw

Answers

If all four sides are the same length but his finger
has no fight angles, then it's a quadrilateral that is
also a parallelogram and a rhombus.

It would then be called a quaderateral shape because it has all the same sides

In math, a relationshipbetween an independent
variable and a dependent
variable where each input
has exactly one output.
what is the definition for this?
the answers it could be is function, input or graph.

Answers

Answer:

Function

Step-by-step explanation:

A function is a relationship where every input has a unique output

6. A square has a perimeter of 28 feet.What is its area?

Answers

28:4=7
7x7=49
Answer: the area of square is 49 feets`

The perimeter is 112!

Other Questions

A 120-watt light bulb uses about 0.1 kilowatt of electricity per hour. If electricity costs $0.20 per kilowatt hour, how much does it cost to have the bulb on for an hour?

Which equation is represented by the table? x y (x, y)0 –1 (0, –1)1 4 (1, 4)2 9 (2, 9)A.y = 5x – 1B.y = –3x + 3C.y = 3x – 4D.y = 3x + 3

Can someone help me in this I'm not to sure

Which equation when graphed has X-intercepts at (8,0) and (-2, 0) and a y-intercept at (0-48)?