Mathematics: Mark invests $8,008 in a retirement account with a fixed annual interest rate of 2% compounded 6 times per year. What will the account balance be after 16 years? Please help i need the answer by tomorrow!

Mark invests $8,008 in a retirement account with

pulverjonathan1

18.08.2021

Given:

Principal value = $8,008

Rate of interest = 2% compounded 6 times per year.

Time = 16 years

To find:

The account balance after 16 years.

Solution:

The formula for amount is:

$A=P\left(1+\dfrac{r}{n}\right)^{nt}$

Where, P is principal, r is the rate of interest, n is the number of times interest compounded in an year and t is the number of years.

Putting P=8,008, r=0.02,n=6,t=16 in the above formula, we get

$A=8008\left(1+\dfrac{0.02}{6}\right)^{6(16)}$

$A=8008\left(\dfrac{6.02}{6}\right)^{96}$

A=11022.1721148

$A\approx 11022.17$

Therefore, the account balance after 16 years is $11022.17.

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jazmaine1217

21.06.2020

the answer is 3 or 1

Step-by-step explanation:

there are more ones and threes than any of the other numbers

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