markbianchi
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find the value of 956$ deposited for 12 years in a account paying 6% anuale interest when it is...
1 compounded quarterly
2componded anualy

Respuesta :

mhanifa

Answer:

  • 1. $1953.57
  • 2. $1923.66

Step-by-step explanation:

Compounded interest amount formula:

  • A = P(1 + r/n)^(nt)

Given:

  • P = $956
  • r = 6% = 0.06
  • t = 12 years
  • n = 4 and n = 1

1. Compounded quarterly

  • A = 956(1 + 0.06/4)^(4*12) = 956(1.015)^48 = 1953.57

2. Compounded annually

  • A =  956(1 + 0.06)^12 = 1923.66

Answer:

Answer:

1. $1953.57

2. $1923.66

Step-by-step explanation:

Compounded interest amount formula:

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

Given:

P = $956

r= 6% = 0.06

. t = 12 years

n = 4 and n = 1

1. Compounded quarterly

A = 956(1 + 0.06/4)^(4*12) = 956(1.015)^48 = 1953.57

2. Compounded annually

· A = 956(1+ 0.06)^12 = 1923.66

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