Alma won a beauty contest and received $3,500 in cash. In 4 years, when Alma turns 21, she wishes to go to Las Vegas. Her parents agree to pay for her hotel and airfare, but she needs spending cash. Her credit union will pay 5% per year compounded quarterly. How much will Alma have for her trip when she turns 21, if she invests her money in this account?
Solved
Show answers
More tips
- W Work and Career How to Write a Resume That Catches the Employer s Attention?...
- C Computers and Internet Е-head: How it Simplifies Life for Users?...
- F Family and Home How to Choose the Best Diapers for Your Baby?...
- F Family and Home Parquet or laminate, which is better?...
- L Leisure and Entertainment How to Properly Wind Fishing Line onto a Reel?...
- L Leisure and Entertainment How to Make a Paper Boat in Simple Steps...
- T Travel and tourism Maldives Adventures: What is the Best Season to Visit the Luxurious Beaches?...
- H Health and Medicine Kinesiology: What is it and How Does it Work?...
- O Other How to Choose the Best Answer to Your Question on The Grand Question ?...
- L Leisure and Entertainment History of International Women s Day: When Did the Celebration of March 8th Begin?...
Answers on questions: Business
- P Physics Which of the following is a u.s. unit of measure a.meter b.liter c.kilogram d.foot...
- M Mathematics What are the domain and range of the function? domain:( -00,co); range: f(x) 2-7 10 domain: (-00,00); range: f(x) 27 domain: f(x) E 1; range: f(x)2-7 domain: f(x) 1;...
- M Mathematics A fruit punch recipe uses cup carbonated water for every 5 cups of fruit juice, Andy has only 4 cups of fruit juice. To make the same fruit punch, how much carbonated...
- M Mathematics Gail has a rectangular rug. the diagram bellows shows the dimensions of gail s rug. what is the area of gail s rug? a) 7 3/4 square feet b) 10 3/4 square feet c) 13 3/4...
Ответ:
Alma would have $ 4,269.61 for her trip in four years' time
Explanation:
The amount she would have for her trip in four years' time can be computed using the future value formula which is given as:
FV=PV*(1+r/t)^N*t
PV is the amount she has today which is $3,500
r is the rate of return the credit union offered her,that 5%
t is the number of times in a year the interest is compounded which is 4
N is the number of years the investment would last which is 4 years
FV=$3,500*(1+5%/4)^4*4
FV=$3,500*(1+1.25%)^16
FV=$3,500*(1.0125)^16
FV=$3,500*1.219889548
FV=$4,269.61
Alma would have $ 4,269.61 for her trip in four years if the $3,500 is invested at 5% compounded quarterly
Ответ:
A = $4,269.61
Explanation:
This question is a compound interest problem, we will use the compound interest formula to solve the given problem.
Formula formula for compound interest is by;
A = P (1+ r÷n)^nt
We are given the following values as ;
P= $3,500
r = 5% = 0.5
n = 4
t = 4
Substituting the values into the formula we have;
A = $3,500( 1+ 0.5÷4)^4×4
A = $3,500(1 +0.0125)^16
A = $3,500(1.0125)^16
A = $3,500× 1.22
A = $4,269.61
Ответ:
I don't see an image but the answer should be longitude