Sheba opened a retirement account with $36,500. Her account grew
at a rate of 7% per year compounded annually. She made no deposits
or withdrawals on the account. At the end of 20 years, what was the
account worth, to the nearest dollar?
(1) $87,600 (3) $141,243
(2) $130,786 (4) $1,483,444,463

Question

zas5ux2rjewje zas5ux2rjewje

03-01-2016
Mathematics

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Sheba opened a retirement account with $36,500. Her account grew
at a rate of 7% per year compounded annually. She made no deposits
or withdrawals on the account. At the end of 20 years, what was the
account worth, to the nearest dollar?
(1) $87,600 (3) $141,243
(2) $130,786 (4) $1,483,444,463

Respuesta :

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taskmasters taskmasters · Answer 1 · 2016-01-05T13:07:50+01:00

After 20 years, the account is worth 3) $141,243 rounded to the nearest dollar.

7% interest rate compounded annually means that the interest earned also earns an interest with the rate of 7%. Thus, the principal is multiplied with 1.07 or 107%.

Y1 36,500.00                         1.07      39,055.00
Y2 39,055.00                         1.07      41,788.85
Y3       41,788.85                         1.07      44,714.07
Y4 44,714.07                         1.07      47,844.05
Y5 47,844.05                         1.07      51,193.14
Y6 51,193.14                         1.07      54,776.66
Y7 54,776.66                         1.07      58,611.02
Y8 58,611.02                         1.07      62,713.80
Y9 62,713.80                         1.07      67,103.76
Y10 67,103.76                         1.07      71,801.02
Y11 71,801.02                         1.07      76,827.10
Y12 76,827.10                         1.07      82,204.99
Y13 82,204.99                         1.07      87,959.34
Y14 87,959.34                         1.07      94,116.50
Y15 94,116.50                         1.07    100,704.65
Y16 100,704.65                         1.07    107,753.98
Y17 107,753.98                         1.07    115,296.76
Y18 115,296.76                         1.07    123,367.53
Y19 123,367.53                         1.07    132,003.26
Y20 132,003.26                         1.07    141,243.48

Sheba opened a retirement account with $36,500. Her account grew at a rate of 7% per year compounded annually. She made no deposits or withdrawals on the account. At the end of 20 years, what was the account worth, to the nearest dollar? (1) $87,600 (3) $141,243 (2) $130,786 (4) $1,483,444,463

Respuesta :

Otras preguntas

Sheba opened a retirement account with $36,500. Her account grew
at a rate of 7% per year compounded annually. She made no deposits
or withdrawals on the account. At the end of 20 years, what was the
account worth, to the nearest dollar?
(1) $87,600 (3) $141,243
(2) $130,786 (4) $1,483,444,463