Molly Slate deposited $35,000 at Quazi Bank at 6% interest compounded quarterly.

a.) What is the effective rate (APY) to the nearest hundredth percent?

b.)What will Molly’s balance be in a year?

Question

23-03-2018
Mathematics

contestada

Molly Slate deposited $35,000 at Quazi Bank at 6% interest compounded quarterly.

a.) What is the effective rate (APY) to the nearest hundredth percent?

b.)What will Molly’s balance be in a year?

Respuesta :

Otras preguntas

Two of the emission wavelengths in the hydrogen emission spectrum are 410 nm and 434 nm. One of these is due to the n=6 to n=2 transition, and one is due to the

Draw 2 lines in a triangle. Make 2 triangles and 2 trapezoids.

The scale of a square map indicates that each inch on the map corresponds to 5 miles. Write an expression that describes the area of land shown on the map. If t

How do amoebas obtain food?

what is 0.000702 in scientific notation.

Measurement is the use of numbers according to a standard. True or False

container is 5 meters wide ,6meters long and 3 meters in depth what is the capacity in quarts

Write the answer to each problem in terms of the variable.1)chandler is y years old. What expression represent his age 4 yr ago? 11 yr from now?2)claire has y d

sqdancefan sqdancefan · Answer 1 · 2018-03-25T21:33:53+02:00

sqdancefan sqdancefan

25-03-2018

a) The effective multiplier each year is
(1 +r/n)^n = (1 +.06/4)^4 = 1.061363550625
Then the effective rate is the percentage that is added to 1 to get this number,
6.14%

b) The year-end balance will be
$35,000*1.061363550625 ≈ $37,147.72

Answer Link

Molly Slate deposited $35,000 at Quazi Bank at 6% interest compounded quarterly. a.) What is the effective rate (APY) to the nearest hundredth percent? b.)What will Molly’s balance be in a year?

Respuesta :

Otras preguntas

Molly Slate deposited $35,000 at Quazi Bank at 6% interest compounded quarterly.

a.) What is the effective rate (APY) to the nearest hundredth percent?

b.)What will Molly’s balance be in a year?