Mark invests $8,008 in a retirement account with a fixed annual interest rate of 2% compounded 6 times per year. What will the account balance be after 16 years? Please help i need the answer by tomorrow!

Given:

Principal value = $8,008

Rate of interest = 2% compounded 6 times per year.

Time = 16 years

To find:

The account balance after 16 years.

Solution:

The formula for amount is:

Where, P is principal, r is the rate of interest, n is the number of times interest compounded in an year and t is the number of years.

Putting in the above formula, we get

Therefore, the account balance after 16 years is $11022.17.

answer: c, the green line

step-by-step explanation:

there is no black line, eliminate b.

simple interest implies periodic payments, but the red line shows no payments, eliminate d.

simple interest has equal payments. if paid say every day, the graph is about a straight line (actually a stairstep).

the yellow line is not straight, eliminate a.

check: the green line is straight, answer is c.

simple interest with positive interest rate gives a straight line sloping up to the right. green line:

g(t) = $100 + ($200-$100) ÷ (20 years) × (t years)

= $100 + (4%/year) × ($100)(t years)

incidentally, the yellow line curving upward represents continuously compounded interest

y = $100 × 2^(t years / (14 assuming the yellow line hits $200 at 14 years. 2^0 is 1, so y(0) = $100; 2^(14/14) is 2, so y(14) = $200.