Mathematics: Misha deposited $3,725 into a savings account 22 years ago. the account has an interest rate of 2.2% and the balance is currently $6,012.37. how often does the interest compound? daily monthly quarterly annually

Misha deposited $3,725 into a savings account 22

Ответ:

kebo63

15.03.2022

The compounding equation is $A=P(1+ \frac{r}{n}) ^{nt}$ . So

$6012.37 = 3725(1+ \frac{0.022}{n}) ^{22n}$     Divide by 3725

$1.6141= (1+ \frac{0.022}{n}) ^{22n}$

Daily    = $(1+ \frac{0.022}{365}) ^{22*365}$
              = $(1.000060274) ^{8030}$
              = 1.6225
Monthly = $(1+ \frac{0.022}{12}) ^{22*12}$
              = $(1.0018333) ^{264}$
              = 1.6218
Quarter = $(1+ \frac{0.022}{4}) ^{22*4}$
              = $(1.0055) ^{88}$
              = 1.6204
Yearly = $(1+ \frac{0.022}{1}) ^{22*1}$
              = $(1.022) ^{22}$
              = 1.6141

The answer is yearly.

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Ответ:

macylen3900

16.03.2021

Mathematics

C-3/2

Step-by-step explanation:

Doing the same assignment..got it right

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Misha deposited $3,725 into a savings account 22 years ago. the account has an interest rate of 2.2% and the balance is currently $6,012.37. how often does the interest compound? daily monthly quarterly annually

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