Mathematics: Yolanda invests $30,000 in an account that offers a compound interest rate of 7.9% per year. which of the following is the correct equation for how much yolanda will have after 10 years? possible answers here:

The solutions are -5 and 3.Step-by-step explanation:Factoring the quadratic expression:So,...

Yolanda invests $30,000 in an account that offers

Ответ:

carog24

13.03.2022

Mathematics

To solve this, we are going to use the compound interest formula: $A=P(1+ \frac{r}{n} )^{nt}$
where

is the final amount after

years
tex]P[/tex] is the initial investment

is the interest rate in decimal form

is the number of times the interest is compounded per year

is the time in years

We know form our problem that the initial invest is $30,000 and the period is ten years, so P=30000

and

. We also know that the interest is compounded one time per year, so n=1

. To convert the interest rate to decimal form, we are going to divide the rate by 100%
$r= \frac{7.9}{100}$
r=0.079

Lets replace the values in our formula:
$A=P(1+ \frac{r}{n} )^{nt}$
$A=30000(1+ \frac{0.079}{1} )^{(1)(10)}$
$A=3000(1+0.079)^{10}$
Replacing

with $P_{10}$ :
$P_{10}=3000(1+0.079)^{10}$

We can conclude that the correct answer is D. $P_{10}=3000(1+0.079)^{10}$

Now, to find much Yolanda will have after 10 years, we just need to perform the operations in our equation:
$P_{10}=3000(1+0.079)^{10}$
$P_{10}=30000(1.079)^{10}$
$P_{10}=64170.54$

We can conclude that Yolanda will have $64,170.54 in her account after ten years of earning a compound interest rate of 7.9% per year.