tylerreed7 tylerreed7

02-11-2020
Mathematics

contestada

On Melissa's 6th birthday, she gets a $5000 CD that earns 3% interest, compounded . If the CD matures on her 10th birthday, how much money will be available?

Respuesta :

Tundexi Tundexi

02-11-2020

Answer:

$5,632.45

Step-by-step explanation:

Assuming it is compounded semiannually, A(t) = P(1 + (r/n))^(n*t)

A(4) = 5000*(1 + (0.03/2))^(2*4)

A(4) = 5,000*(1.015)^8

A(4) = 5,000*1.12649

A(4) = $5,632.45

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