Mathematics: Mariah is putting $5,270 into an account earning 3.75% interest compounded quarterly. she estimates that it will take just over 9 years for this investment to grow to $8,000. which of the following is a true statement? a. mariah’s estimate of the time is too low. b. mariah’s estimate of the time is correct. c. mariah’s estimate of the time is too high. d. mariah does not have enough information to estimate the time.

Mariah is putting $5,270 into an account earning

ijohnh14

27.07.2020

A. Mariah’s estimate of the time is too low.

Step-by-step explanation:

Here, the principal amount, P = $ 5270,

Annual rate of interest, r = 3.75 %,

Time, t = 9 years,

Number of quarters in 1 year, n = 4,

The amount after 9 years, compounded quarterly,

$A= P(1+\frac{r/n}{100})^{nt}$

$=5270(1+\frac{3.75/4}{100})^{4\times 9}$

$=5270(1+0.009375)^{36}$

$=5270(1.009375)^{36}$

$=5270\times 1.39923797861=7373.98414725\approx 7373.98$

Since, $ 7373.98 < $ 8,000.

Thus, his estimated time is too low,

⇒ Option 'A' is correct.

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tristanortonubca

14.08.2021

Step-by-step explanation:

If you make a chart on what the question says you can figure it out! I know the answer is 19. I have no way to explain it. Sorry! :(

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