QuestionYou deposit \$4600 at 3% simple interest. Find the amount in the account at the start of the 9th year. Options: A. \$5704 B. \$4710 C. \$5842 D. \$4738

Studdy Solution

STEP 1

Assumptions1. The initial deposit is \$4600. The interest rate is3%
3. The interest is calculated as simple interest, not compound interest4. The equation provided represents the total amount in the account at the beginning of the nth year5. The interest is calculated yearly and added to the account at the beginning of the next year

STEP 2

We need to find the total amount in the account at the beginning of the9th year. We can do this by substituting n=9 in the given equation.
$A(n)=4600+(n-1)(0.03 \cdot4600)$

STEP 3

Substitute n=9 into the equation.
$A(9)=4600+(9-1)(0.03 \cdot4600)$

STEP 4

implify the equation.
$A(9)=4600+8(0.03 \cdot4600)$

STEP 5

Perform the multiplication.
$A(9)=4600+8(138)$

STEP 6

Perform the addition.
$A(9)=4600+1104$

STEP 7

Calculate the total amount in the account at the beginning of the9th year.
$A(9)=\$5704$ The total amount in the account at the beginning of the9th year is \$5704. So, the correct answer is A. \$5704.

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QuestionYou deposit \$4600 at 3% simple interest. Find the amount in the account at the start of the 9th year. Options: A. \$5704 B. \$4710 C. \$5842 D. \$4738

Studdy Solution

STEP 1

STEP 2

We need to find the total amount in the account at the beginning of the9th year. We can do this by substituting n=9 in the given equation.
$A(n)=4600+(n-1)(0.03 \cdot4600)$

STEP 3

Substitute n=9 into the equation.
$A(9)=4600+(9-1)(0.03 \cdot4600)$

STEP 4

implify the equation.
$A(9)=4600+8(0.03 \cdot4600)$

STEP 5

Perform the multiplication.
$A(9)=4600+8(138)$

STEP 6

Perform the addition.
$A(9)=4600+1104$

STEP 7

Calculate the total amount in the account at the beginning of the9th year.
$A(9)=\$5704$ The total amount in the account at the beginning of the9th year is \$5704. So, the correct answer is A. \$5704.

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QuestionYou deposit \$4600 at 3% simple interest. Find the amount in the account at the start of the 9th year. Options: A. \$5704 B. \$4710 C. \$5842 D. \$4738

Studdy Solution

STEP 1

STEP 2

We need to find the total amount in the account at the beginning of the9th year. We can do this by substituting n=9 in the given equation.A(n)=4600+(n−1)(0.03⋅4600)A(n)=4600+(n-1)(0.03 \cdot4600)A(n)=4600+(n−1)(0.03⋅4600)

STEP 3

Substitute n=9 into the equation.A(9)=4600+(9−1)(0.03⋅4600)A(9)=4600+(9-1)(0.03 \cdot4600)A(9)=4600+(9−1)(0.03⋅4600)

STEP 4

implify the equation.A(9)=4600+8(0.03⋅4600)A(9)=4600+8(0.03 \cdot4600)A(9)=4600+8(0.03⋅4600)

STEP 5

Perform the multiplication.A(9)=4600+8(138)A(9)=4600+8(138)A(9)=4600+8(138)

STEP 6

Perform the addition.A(9)=4600+1104A(9)=4600+1104A(9)=4600+1104

STEP 7

Calculate the total amount in the account at the beginning of the9th year.A(9)=$5704A(9)=\$5704A(9)=$5704The total amount in the account at the beginning of the9th year is \$5704. So, the correct answer is A. \$5704.

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We need to find the total amount in the account at the beginning of the9th year. We can do this by substituting n=9 in the given equation.
$A(n)=4600+(n-1)(0.03 \cdot4600)$

Substitute n=9 into the equation.
$A(9)=4600+(9-1)(0.03 \cdot4600)$

implify the equation.
$A(9)=4600+8(0.03 \cdot4600)$

Perform the multiplication.
$A(9)=4600+8(138)$

Perform the addition.
$A(9)=4600+1104$

Calculate the total amount in the account at the beginning of the9th year.
$A(9)=\$5704$ The total amount in the account at the beginning of the9th year is \$5704. So, the correct answer is A. \$5704.