How much interest will you earn if you deposit
$4000 into an account compounded semi-annually
at 2.8% for 5 years?

Answers

Answer 1

Answer:

45215.31

Step-by-step explanation:

Answer 2

$596.6 is the interest will you earn if you deposit $4000 into an account compounded semi-annually at 2.8% for 5 years.

What is compounding?

Compounding is the process whereby interest is credited to an existing principal amount as well as to interest already paid. Compounding thus can be construed as interest on interest—the effect of which is to magnify returns to interest over time, the so-called “miracle of compounding.”

According to question,$4000 into an account compounded semi-annually at 2.8% for 5 years.

We have to find interest rate.

Formula for compound interest is [tex]P[(1+i)^n-1][/tex]

Since compounding is semi-annually,

[tex]i=\frac{0.028}{2}[/tex][tex]=0.014[/tex] (since compounding is semi-annually)

[tex]n[/tex]=number of years=[tex]5[/tex] ×[tex]2=10[/tex] years (since compounding is semi-annually)

So, compound interest

[tex]=[/tex][tex]P[(1+i)^n-1][/tex]

[tex]=4000((1+0.014)^{10} -1))[/tex]

[tex]=4000[/tex]×[tex]0.1491[/tex]

[tex]=596.6[/tex]

Hence we can conclude that,$596.6 is the  interest will you earn if you deposit $4000 into an account compounded semi-annually at 2.8% for 5 years.

Learn more about  compound interest here:

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Related Questions

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Answers

Answer: 160

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Answers

Answer:

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Answers

Answer:

640

Step-by-step explanation:

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Answer:

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Answers

Answer:

[tex] \frac{1}{14} [/tex]

Step-by-step explanation:

7 x (7+7)=7

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Answer:

Go download CameraMath on playstore

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1. yes

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Answer:

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Answer:

You said quick so here it is

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Step-by-step explanation:

The sum of the first 15 terms of a geometric sequence with 7 as the first term and a common ratio of -3 is __________.

Answers

Step-by-step explanation:

the formula for the sum of the first n terms of a geometric sequence is

Sn = s1(1 - r^n)/(1 - r)

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so,

S15 = 7×(1 - (-3)¹⁵)/(1 - -3) = 7×(1 - -14,348,907)/4 =

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Answers

Answer:

Hotdog: $3.00

Hamburger: $4.00

Step-by-step explanation:

For the first time that Bob buys food, we can make an equation to find how much a single hotdog and a single hamburger costs, where:

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y = cost of a hamburger

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2x + y = 10

For the second time buying food, he bought 1 hotdog and 3 hamburgers for $15, so his equation would be:

x + 3y = 15

To find the value for x and y we need to solve this system of equations using the two equations we just came up with. We can do this multiple ways, but I'll be demonstrating the substitution method.

Using the second equation, we can solve for x by simply subtracting 3y from both sides:

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30 - 5y = 10

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y = 4

This means the cost for one hamburger is $4. But we still need to find the price of one hotdog, so we can insert this value of y into the equation we came up with earlier for x, and then solve for x:

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x = 15 - 3(4)

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A researcher at the Centers for Disease Control and Prevention is studying the growth of a certain bacteria. He starts his experiment with 200 bacteria that grow at a rate of 2% per hour. He will check on the bacteria every 7 hours. How many bacteria will he find in 7 hours? Round your answer to the nearest whole number.

Answers

The population of the bacteria after 7 hours is 230 bacteria.

An exponential function is given by:

y = abˣ

where y, x are variables, a is the initial value of y and b is the multiplier.

Let y represent the population of bacteria after x hours.

Given that he starts his experiment with 200 bacteria, hence

a = 200

The bacteria grow at a rate of 2% per hour, hence:

b = 100% + 2% = 1.02

The exponential equation becomes:

y = 200(1.02)ˣ

After 7 hours:

y = 200(1.02)⁷ = 230

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Answers

Answer is highlighted in blue. If you have any questions feel free to ask.
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I will use the coordinates (2, 6).

y - 6 = 2(x - 2)

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

$7

Step-by-step explanation:

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