Ask Question
18 November, 03:10

Suppose you deposit $1500 in a savings account that pays interest at an annual rate of

6%. No money is added or withdrawn from the account.

a. How much will be in the account after 5 years?

b. How much will be in the account after 20 years?

c. How many years will it take for the account to contain $2500?

d. How many years will it take for the account to contain $4000?

+4
Answers (1)
  1. 18 November, 04:15
    0
    a.) $1950

    b.) $3300

    c.) 12 years (a little over 11 years)

    d.) 28 years (rounded up from 27.77 ... years)

    Step-by-step explanation:

    1500 is already in the account

    6% of 1500 = 90

    .06 * 1500 = 90

    a.) 90 * 5 = 450 + 1500 = 1950

    b.) 90 * 20 = 1800 + 1500 = 3300

    c.) 2500 - 1500 = 1000 / 90 = 11.11 ...

    d.) 4000 - 1500 = 2500 / 90 = 27.77 ...
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Suppose you deposit $1500 in a savings account that pays interest at an annual rate of 6%. No money is added or withdrawn from the account. ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers