Question

$3,600 is deposited at the beginning of each two-month period for 3 years in an account that provides 3.25% compounded quarterly. How much will be saved at the end of the 3 years?

201

likes

1007 views

Answer to a math question $3,600 is deposited at the beginning of each two-month period for 3 years in an account that provides 3.25% compounded quarterly. How much will be saved at the end of the 3 years?

$Expert avatar$

Esmeralda

4.7

102 Answers

\text{Quarterly interest rate} = \frac{3.25\%}{4} = 0.8125\% = 0.008125

\text{Total number of periods} = 6 \times 3 = 18

P = 3600

r = 0.008125

n = 18

FV = 3600 \times \left( \frac{(1 + 0.008125)^{18} - 1}{0.008125} \right) \times (1 + 0.008125)

FV \approx 70,039.71

Frequently asked questions (FAQs)

What is the unit vector representing a displacement of magnitude 10 in the direction of (2, 3)?

Question: Factor the expression 4x² + 8xy - 3y² using the distributive property.

Question: In a right triangle, if the angle opposite the hypotenuse measures 35° and the adjacent side has a length of 10 units, what is the length of the opposite side?

New questions in Mathematics

5(4x+3)=75

Given the vectors: a = (2m – 3n, 4n – m) and b = (2, -3), find the values of m and n that make: a = 5 b.

what is the annual rate on $525 at 0.046% per day for 3 months?

Suppose the horses in a large stable, have a mean weight of a 807 pounds and a variance of 5776. What is the probability that the mean weight of the sample of horses with differ from the population mean by greater than 18 pounds is 41 horses are sampled at random from the stable round your answer to four decimal places.

Margin of error E=0.30 populations standard deviation =2.5. Population means with 95% confidence. What I the required sample size (round up to the whole number)

The function g:Q→Q is a ring homomorphism such that g(3)=3 and g(5)=5. What are the values of g(8) and g(9)?

We have spent 1/4 of the inheritance on taxes and 3/5 of the rest on buying a house. If the inheritance was a total of €150,000 How much money do we have left?

is the x element (180,270), if tanx-3cotx=2, sinx ?

find x in the equation 2x-4=6

7. Find the equation of the line passing through the points (−4,−2) 𝑎𝑛𝑑 (3,6), give the equation in the form 𝑎𝑥+𝑏𝑦+𝑐=0, where 𝑎,𝑏,𝑐 are whole numbers and 𝑎>0.

Let A, B, C and D be sets such that | A| = |C| and |B| = |D|. Prove that |A × B| = |C × D|

You are the newly appointed transport manager for Super Trucking (Pty) Ltd, which operates as a logistics service provider for various industries throughout southern Africa. One of these vehicles is a 4x2 Rigid Truck and drawbar trailer that covers 48,000 km per year. Use the assumptions below to answer the following questions (show all calculations): Overheads R 176,200 Cost of capital (% of purchase price per annum) 11.25% Annual License Fees—Truck R 16,100 Driver Monthly cost R 18,700 Assistant Monthly cost R 10,500 Purchase price: - Truck R 1,130,000 Depreciation: straight line method Truck residual value 25% Truck economic life (years) 5 Purchase price: Trailer R 370,000 Tyre usage and cost (c/km) 127 Trailer residual value 0% Trailer economic life (years) 10 Annual License Fees—Trailer R 7,700 Fuel consumption (liters/100km) 22 Fuel price (c/liter) 2053 Insurance (% of cost price) 7.5% Maintenance cost (c/km) 105 Distance travelled per year (km) 48000 Truck (tyres) 6 Trailer (tyres) 8 New tyre price (each) R 13,400 Lubricants (% of fuel cost) 2.5% Working weeks 50 Working days 5 days / week Profit margin 25% VAT 15% Q1. Calculate the annual total vehicle costs (TVC)

Use a pattern approach to explain why (-2)(-3)=6

The question is using rule 72 determine Kari wants to save 10,000 for a down payment on a house. Illustrate the difference in years it will take her to double her current 5,000 savings based on 6%, 12% and 18% interest rate .

What is 75 percent less than 60

9/14 x 7/27 carry out indicated operation

Calculate the change in internal energy of a gas that receives 16000 J of heat at constant pressure (1.3 atm) expanding from 0.100 m3 to 0.200 m3. Question 1Answer to. 7050J b. 2125J c. None of the above d. 2828J and. 10295 J

Given a circle 𝑘(𝑆; 𝑟 = 4 𝑐𝑚) and a line |𝐴𝐵| = 2 𝑐𝑚. Determine and construct the set of all centers of circles that touch circle 𝑘 and have radius 𝑟 = |𝐴𝐵|

The mean of 4 numbers is 5 and the mean of 3 different numbers is 12. What is the mean of the 7 numbers together? Produce an algebraic solution. Guess and check is acceptable.

The following incoming payments show up at a tax inspection: 25 000€ on 19.01.2008, 140 000€ on 27.03.2008 and 19 000€ on a date that which is illegible, and 60 000€ on 15.06.2008. On which date did the payment of the 19 000€ appear, if on 30.06.2008 the money on the account (incl. interest at 4%) is 246 088.89€? Use simple interest and 30E/360 DCC. Solution: 45 days, 15.05.08

$3,600 is deposited at the beginning of each two-month period for 3 years in an account that provides 3.25% compounded quarterly. How much will be saved at the end of the 3 years?

Answer to a math question $3,600 is deposited at the beginning of each two-month period for 3 years in an account that provides 3.25% compounded quarterly. How much will be saved at the end of the 3 years?

You might be interested in