15) $1000 at 2% tor ye A) $389.25 B) $2082.43 16) Suppose that mpounded annually

Question

15) $1000 at 2% tor ye A) $389.25 B) $2082.43 16) Suppose that mpounded annually. De A) $29,709.98 you invest $23,000 in an account that earns interest at an interest rate of 32%, termine the accumulated balance after 8 years. B) $29,680.07 C) $29,591.39 D) $29,700.19 17) Louise invests $3100 in a savings account that compounds interest monthly at an APR of 53% Thelma invests $2900 in a savings account that compounds interest annually at an APR of5.6 Who will have the higher accumulated balance after 5 years and after 20 years? B) 5 years: Louise; 20 years: Louise A) 5 years: Thelma; 20 years: Louise C) 5 years: Thelma; 20 years: Thelma D) 5 years: Louise; 20 years: Thelma

Explanation / Answer

A=P(1+r)^t
A is the final amount
P is the initial amount
r is the rate
t is the time in years
so,
A=23000(1+3.2/100)^8
A=29591.39
hence option c is correct

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