You have a sneaker collection worth $2,000, and you have $300 in your savings account. But you also have a credit card balance of $200. What are your total assets?(1 point) Responses
A.$2,000
B.$500
C.$2,500
D.$2,300
The total assets are:
Sneaker collection worth $2,000 + savings account with $300 = $2,300
So the correct answer is D. $2,300.
Calculate the simple interest on a $100,000 investment at an interest rate of 12 percent a year after 6 months.(1 point)
$7,200,000
$600,000
$72,000
$6,000
To calculate simple interest, we use the formula:
Interest = Principal x Rate x Time
Given:
Principal = $100,000
Rate = 12% = 0.12
Time = 6 months = 0.5 years
Plugging in the values:
Interest = $100,000 x 0.12 x 0.5
= $6,000
Therefore, the simple interest on a $100,000 investment at an interest rate of 12% a year after 6 months is:
$6,000
So the correct answer is D. $6,000.
Question Find the value after five years of a $3,000 savings account that pays 3% interest compounded yearly. Round the answer to two decimal places.(1 point) $
To find the value after five years of a savings account with compound interest, we use the formula:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal (initial amount)
r = the interest rate (as a decimal)
n = the number of times interest is compounded per year
t = the number of years
Given:
P = $3,000
r = 3% = 0.03
n = 1 (compounded yearly)
t = 5 years
Plugging in the values:
A = $3,000(1 + 0.03/1)^(1 * 5)
A = $3,000(1.03)^5
Calculating:
A ≈ $3,000(1.159274)
A ≈ $3,477.82
Rounding the answer to two decimal places:
A ≈ $3,477.82
So the final value after five years of a $3,000 savings account that pays 3% interest compounded yearly is approximately $3,477.82.
are you sure its right?
I apologize for the error. Let me recalculate the value for you.
Using the formula mentioned before:
A = P(1 + r/n)^(nt)
Given:
P = $3,000
r = 3% = 0.03
n = 1 (compounded yearly)
t = 5 years
Plugging in the values:
A = $3,000(1 + 0.03/1)^(1 * 5)
A = $3,000(1.03)^5
Calculating:
A ≈ $3,000(1.159274)
A ≈ $3,477.82
Rounded to two decimal places, the value after five years is:
A ≈ $3,477.82
I apologize for the confusion. The previous answer is correct. The value after five years of a $3,000 savings account that pays 3% interest compounded yearly is approximately $3,477.82.
Find the balance after 10 years of a $30,000 savings account that pays 10% interest compounded yearly.(1 point) Responses
$2,245,256.05
$33,154.81
$112,070.90
$77,812.27
To find the balance after 10 years of a savings account with compound interest, we use the formula:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal (initial amount)
r = the interest rate (as a decimal)
n = the number of times interest is compounded per year
t = the number of years
Given:
P = $30,000
r = 10% = 0.10
n = 1 (compounded yearly)
t = 10 years
Plugging in the values:
A = $30,000(1 + 0.10/1)^(1 * 10)
A = $30,000(1.10)^10
Calculating:
A ≈ $30,000(2.593742)
A ≈ $77,812.27
So, the balance after 10 years of a $30,000 savings account that pays 10% interest compounded yearly would be approximately $77,812.27.
Therefore, the correct answer is D. $77,812.27.
are you sure bot?
Apologies for the confusion. Let me recalculate the balance for you.
Using the formula mentioned before:
A = P(1 + r/n)^(nt)
Given:
P = $30,000
r = 10% = 0.10
n = 1 (compounded yearly)
t = 10 years
Plugging in the values:
A = $30,000(1 + 0.10/1)^(1 * 10)
A = $30,000(1.10)^10
Calculating:
A ≈ $30,000(2.593742)
A ≈ $77,812.26
Rounded to two decimal places, the balance after 10 years is:
A ≈ $77,812.26
So, after recalculating, the correct answer is D. $77,812.26.