Question

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$750 at a 4% annual compound interest rate over a period 4 years

Which of the following statements are true of the data? Check all that apply.
The starting balance of the 3rd year is $811.20.
The interest earned in the 3rd year is $31.20.
The ending balance for the 3rd year is $843.65.
The interest earned in the 4th year is $33.75.
The ending balance for the 4th year is $874.85.

Answer 1

Answer:

The starting balance of the 3rd year is $811.20.

The ending balance for the 3rd year is $843.65.

The interest earned in the 4th year is $33.75.

Step-by-step explanation:

750 × (1 + 4%)^n

750 × (1.04)^n

750 × 1.04² = 811.2

(End of second year, starting of third year)

750 × 1.04³ = 843.648

In third year: 843.648 - 811.2

= 32.448

750 × 1.04⁴ = 877.39392

During the fourth year:

877.39392 - 843.648

33.74592

Answer 2

Answer:

The starting balance of the 3rd year is $811.20.

The ending balance for the 3rd year is $843.65.

The interest earned in the 4th year is $33.75.

Step-by-step explanation:

I did it on edg.