Jessie put $3,200 into a savings account that earns 3.5% annual compound interest. If she makes no other deposits or withdrawals, what will her balance be after 12 years?
-SHOW ALL WORK

Answers

Answer 1

Answer:

r = 35 / ( 3200 × 12 ) = 0.00091146

r = 0.00091146

converting r decimal to a percentage

R = 0.00091146 * 100 = 0.0911%/year

The interest rate required solve for the  simple interest of $ 35.00

from a principal of $ 3,200.00

over 12 years is 0.0911% per year.

Step-by-step explanation:

Answer 2

Jessie's balance after 12 years will be $4867.3

Initial investment of Jessie in the saving account = $3200

Annual compound Interest rate = 3.5% = 0.035

Given that she makes no withdrawal or deposits

Let us consider that the amount is compounded monthly

The Amount of the compound interest can be calculated by equation (1)

[tex]\rm A = P (1 +r/n)^{(nt)}.....(1)\\where \\A = Future \; amount\\r = Annual\; compound\; interest \; rate\\n = The\; number\; of\; times \; the \; interest\; rate\; is \; compounded\; per\; unit \; time\\ P = Initial \; amount \\t = Number \;of \; years\; for\; which\; investment\; is\; done[/tex]

 So for the given situation according to the given data

P = 3200

r = 0.035

n = 12 (considering compounded monthly)

t = 12 years

On putting these values in equation (1) we get

[tex]\rm A = 3200(1+0.035/12)^{12\times12} = 4867.3[/tex]

So Jessie's balance after 12 years will be $4867.3

For more information please refer to the link given below

https://brainly.com/question/14295570


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Answers

Answer:

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Answers

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Step-by-step explanation:

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Step-by-step explanation:

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Step-by-step explanation:

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Answer:

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Answers

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