Carl deposited $5,142 into a savings account 20 years ago. the account has an interest rate of 3.8% and the balance is currently $10,994.58. how often does the interest compound? daily monthly quarterly annually

The answer is it is compounded monthly which is 365/yr.

This is done using trial and error but I got it right at the first try.

Solution:

A = P (1+r/n) ^nt

Where:

A is the accrued amount or also known as the future value

P is the principal amount = $5,142

r is the nominal interest rate = 0.038

n is the number of compounding units = 365

t is time = 20

A = 5,142 (1 + 0.038/365) ^ 365(20)

= 5,142 (1.0001041095890410958904109589041)^7300

= 5.142 (2.13819163)

= $10994.58

i need more info. are you looked to see there mph? how much they deliver? how far they go?

step-by-step explanation:

the answer would be 150 books

step-by-step explanation:

if you divide 300 by 2 you will get 150