SOLUTION: $24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers to two decimal places.)
(a) Calculate the interest earned if interest is compounded semiann
Algebra.Com
Question 1134095: $24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers to two decimal places.)
(a) Calculate the interest earned if interest is compounded semiannually.
$
(b) Calculate the interest earned if interest is compounded quarterly.
$
(c) How much more interest is earned on the account when the interest is compounded quarterly?
$
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po(1+(r/n))^nt for semiannually
=24000(1.035)^10
=$33854.37, round at end
for quarterly
=24000(1.0175)^20
=$33954.68, a little higher, as it should be
$100.31 more
RELATED QUESTIONS
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by Theo)
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by greenestamps)
$24,000 is deposited for 5 years in an account earning 7% interest. (Round your answers... (answered by josgarithmetic)
An amount of $1100 is deposited for 6 years in an account that earns 6% interest. (Round... (answered by Theo)
How much interest is earned in 6 years on $8600 deposited in an account paying 7%... (answered by ikleyn)
You deposit $3000 in an account earning 7% interest compounded continuously. The amount... (answered by lwsshak3)
If $24,000 is invested in an account for 30 years. Calculate the total interest earned at (answered by ikleyn)
How much money should be invested in an account that earns 9% interest, compounded... (answered by Theo,josgarithmetic)
Find the final amount of money in an account if $6,800 is deposited at 4.5% interest... (answered by lwsshak3)