Jose invests $3,250 at 6% interests compound annually. What will be the balance in the account after 3.5 years
A:$3,932.50
B:$3,985.23
C:$4,752.00
D:$5,200.00
Is it B?
Patterns and Rules Unit 1 Test
1.d
2.d
3.c
4.a
5.b
6.b
7.b
8.c
9.b
10.a
11.b
12.b
13.a
14.d
15.d
16.b
17.a
18.d
19.b
20. Written add 0.8
21.juan took 17 min and Rita took 8 so rita was faster and that would make a 9 min difference
I literally just took this and this were shown as the correct answers for this test and I hope this helps someone.
It's B
So, wait, I'm confused. Is it still B?
On big tests like this the teachers rearrange the questions. It’s not that people are giving the wrong answers, they’re giving the answers in the order on their test. You can look the answers up individually, that will work, but you won’t find the correct answer key in the right order for your test.
1.06^3.5 = 1.226
1.226* 3250 = 3985.23
3250*1.06^3.5=
put that into your google search engine...
Yes, B. However, compounding annually often, and normally means the last six months would not earn interest because interest is added to the principal at the end of the period (year)
from the investment dictionary: Compounded means that at the end of the period, interest earned is added to the principal. This sum then serves as the new principal for computing the interest for the next period. You continue doing this for every period, with the period being that which is agreed upon--monthly, quarterly, yearly, etc.
That would be 3870.80 though which is not one of the choices so I do not think whoever wrote the question thought that through :)
Yes, that is the only choice that makes any sense.
Guys everyone has different test. Thats why some of these won't work on your test.
Yes! They change them ( I don't understand why)
So for example
Person 1 answer : A,D,C,C
Person 2: C,C,B,A
SO best to do it yourself!