A deposit of $6000 is made in an account that earns 6% interest compounded quarterly. The balance
Question:
A deposit of $6000 is made in an account that earns 6% interest compounded quarterly. The balance in the account after n quarters is given by the sequence
Find the balance in the account after five years. Round to the nearest cent.
Transcribed Image Text:
an = 6000 1 + 0.06 4 n n = 1, 2, 3, ....
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (7 reviews)
an6000 1 006 4 n 6...View the full answer
Answered By
Anurag Agrawal
I am a highly enthusiastic person who likes to explain concepts in simplified language. Be it in my job role as a manager of 4 people or when I used to take classes for specially able kids at our university. I did this continuously for 3 years and my god, that was so fulfilling. Sometimes I've skipped my own classes just to teach these kids and help them get their fair share of opportunities, which they would have missed out on. This was the key driver for me during that time. But since I've joined my job I wasn't able to make time for my passion of teaching due to hectic schedules. But now I've made a commitment to teach for at least an hour a day.
I am highly proficient in school level math and science and reasonably good for college level. In addition to this I am especially interested in courses related to finance and economics. In quest to learn I recently gave the CFA level 1 in Dec 19, hopefully I'll clear it. Finger's crossed :)
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Mathematics questions
-
A deposit of $10,000 is made in an account that earns 8% interest compounded quarterly. The balance in the account after n quarters is given by the sequence an n 10,000(1; 0.08)". 4 n = 1, 2, 3, ....
-
A deposit of $8000 is made in an account that earns 5% interest compounded quarterly. The balance in the account after quarters is (a) Compute the first eight terms of the sequence {A n }. (b) Find...
-
An investor deposits $10,000 in an account that earns 3.5% interest compounded quarterly. The balance in the account after n quarters is given by An = 10,000(1 + 0.035/4)n, n = 1, 2, 3, . . . (a)...
-
The read-write head for a hand-held music player has a surface area of 0.04 mm. The head is held 0.04 m above the disk, which is rotating at a constant rate of 1800 rpm. Determine the torque T that...
-
Individuals and groups of all ages come to Solid Rock Gym for fun and fitness. Services include several types of indoor rock- climbing experiences such as individual and group instruction, team...
-
Imagine that the Mini-Dow Average (MDA) is based on the closing prices of five stocks. The divisor used in the calculation of the MDA is currently 0.765. The closing prices for each of the five...
-
In 1940, the family of Thomas Back entered into an oil-and-gas lease with the Inland Gas Corporation. The lease held that Inland would pay to Backs family 12 cents per thousand cubic feet of gas...
-
The following is Sullivan Corp.'s comparative balance sheet accounts at December 31, 2010 and 2009, with a column showing the increase (decrease) from 2009 to 2010. Additional information: 1. On...
-
4. (20 total points) Consider two firms, firm 1 and firm 2, producing identical products so that they are forced to charge identical prices. The sole strategic choice of the firms is the amount they...
-
Exercises 6772 are based on the following jokes about books: Outside of a dog, a book is mans best friend. Inside of a dog, its too dark to read.Groucho Marx I recently bought a book of free verse....
-
In Exercises 7072, use the Binomial Theorem to find a polynomial expansion for each function. Then use a graphing utility and an approach similar to the one in Exercises 68 and 69 to verify the...
-
Which of the following statements best characterizes how the active portfolio is positioned for yield curve changes relative to the index portfolio? A. The active portfolio is positioned to benefit...
-
If sinA=(3)/(5),sinB=(5)/(13), and angles A and B are acute angles, what is the value of cos(A-B)?
-
A child throws a 0.50 kg snowball at his friend at 12.0 m/s but the snowball lands on the ground in front of his friend. The snowball is 1.3 m above the ground when it leaves the child's hand. a....
-
On January 1, 2024, Police Co. purchased all of Station Co.'s issued and outstanding common stock. On that date, the adjusted trial balance for both Police & Station net assets were as follows: Items...
-
The proposed sale of the Bowie plant is part of the effort to divest the company of underperforming assets. A total of $1.3 billion in assets, with a book value of $750 million, have been identified...
-
Three uniform spheres are located at the corners of an equilateral triangle. Each side of the triangle has a length of 0.884 m. Two of the spheres have a mass of 4.77 kg each. The third sphere (mass...
-
For patients aged 81 to 90, the probability is .07 that a coronary bypass patient will die soon after the surgery. (a) What is the expected number of operations until the first fatality? (b) What is...
-
Let (x) = x 2 - 9, g(x) = 2x, and h(x) = x - 3. Find each of the following. (((--) 2
-
The table shows the heart rate of an athlete upon stopping a moderate activity. (a) Model the data with H(t) = a(t = h) 2 + k. What is the domain of H? (b) Approximate the athlete's heart rate for t...
-
The heart rate of an athlete while weight training is recorded for 4 minutes. The table lists the heart rate after x minutes. (a) Explain why the data are not linear. (b) Find a quadratic function f...
-
A smart home contains a stand-alone device that is connected to the Internet and can either be monitored or controlled from a remote location. In 2015 there were 5 million smart homes in the United...
-
PROVE / ARGUE that the series of f'(n) from n=1 to infinity is less than infinity. Problem 17 Suppose that f(x) is an increasing differentiable function, and limo f(x)=421. Argue that f'(n)
-
To verify that the transition matrices P and P are inverse to one another, we need to show PP=1 P'P=I, Where I is the 33 identity matrix, 1 0 0 I=0 10 001 -21 -2 0 0 1 PP 2 1 4 100 2/3 1/3 2/3 -1/6...
-
4. (a) For what values of a is F = (x + yz)i+a(y+2zx)] + (xy + z)k a conservative vector field? For this value of a, find a potential p such that F= Vip. (b) A particle is moved from the origin (0,...
Study smarter with the SolutionInn App