Mathematics: Acertificate of deposit earns 1% interest every three months. the interest is compounded.what is the value of a $35,000 investment after 6 years? $37,153.21 $39,438.88$44,440.71$56,295.30

No, equals to 0.4So 0.4 equals to ...

Acertificate of deposit earns 1% interest every three

Ответ:

CMCM5295

10.03.2022

Mathematics

Option C.

Step-by-step explanation:

The formula for amount after compound interest is

$A=P(1+\frac{r}{n})^{nt}$

where, P is principal, r is annual rate of interest, r/n is per period interest, n is number of time interest compounded in 1 year, t is number of years.

Given information:

Principle : P=35000

Per period interest : $\frac{r}{n}=1\%=0.01$

Number of time interest compounded in 1 year : n=4

Number of years : t=6

Using the formula we get

$A=35000\left(1+0.01\right)^{\left(4\cdot6\right)}$

$A=35000\left(1.01\right)^{\left(24\right)}$

A=44440.7126986

$A\approx 44440.71$

The value of a $35,000 investment after 6 years is $44,440.71.

Therefore, the correct option is C.

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Acertificate of deposit earns 1% interest every three months. the interest is compounded.what is the value of a $35,000 investment after 6 years? $37,153.21 $39,438.88$44,440.71$56,295.30

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