Joanne slices a large banana bread into 16 pieces. There are 5 and 7 who get a piece of banana bread. The rest of the pieces will be donated to the homeless. What fraction of the banana bread will be donated?

the value of the account after 6 years is $101559.96

Step-by-step explanation:

If $64,000 is invested in an IRA account, then

Principal = $64,000

So P = 64,000

The rate at which $64000 was compounded is 8%

So r = 8/100 = 0.08

If it is compounded once in a year, this means that it is compounded annually (and not semi annually, quarterly or others). So

n = 1

We want to determine the value of the account after 6 years, this means

time, t = 6

Applying the compound interest formula,

A = P(1 + r/n)^nt

A = amount after n number of years

A = 64000( 1 + 0.08/1)^1×6

A = 64000(1.08)^6

A= 64000×1.58687432294

A= 101559.956668416

Approximately $101559.96 to 2 decimal places