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The answer is no. 4 "Will have $16,126.80". Below is the solution:
12000 ( 1 + 6/200)^10 = 16,126.80 $
The answer is no. 4 "Will have $16,126.80". Below is the solution:
12000 ( 1 + 6/200)^10 = 16,126.80 $
Answer:
Option 4 - She will have $16,126.80
Step-by-step explanation:
Given : Gracie Shay wants to buy a new Hummer in 5 years. Gracie estimates the cost of the Hummer will be $28,000. If she invests $12,000 now, at a rate of 6 percent compounded semiannually.
To find : Which option she will have ?
Solution :
Using compound interest formula,
[tex]A=P(1+r)^t[/tex]
Where, A is the amount
P is the principle P=12,000
Compounded semiannually,
r is the rate 6%=0.06
[tex]r=\frac{0.06}{2}=0.03[/tex]
t is the time 5 years
[tex]t=5\times 2=10[/tex]
Substitute the value,
[tex]A=P(1+r)^t[/tex]
[tex]A=(12000)(1+0.03)^{10}[/tex]
[tex]A=12000\times (1.03)^{10}[/tex]
[tex]A=12000\times 1.3439[/tex]
[tex]A=16126.99[/tex]
The amount she will have $16126.99.
Therefore, Option 4 is correct.
