izybell3598 izybell3598
  • 09-02-2021
  • Mathematics
contestada

Lance put $40,000 into a bank account that pays 3% interest every 4 months. How much money will Lance have after 5 years?

Respuesta :

dammyzee
dammyzee dammyzee
  • 09-02-2021

Answer:

$600,000

Step-by-step explanation:

interest = 3/100 × 40,000 = $1200

4 months = 1/3 years

[tex]p = \frac{100 \times i}{rt} = \frac{100 \times 1200}{3 \times \frac{1}{3} } = 120000[/tex]

$120,000 in 1 year

5years, 120,000×5 = $600,000

Answer Link
chandlerma771
chandlerma771 chandlerma771
  • 23-04-2021

Answer:

here u go

Step-by-step explanation:

$600,000

Step-by-step explanation:

interest = 3/100 × 40,000 = $1200

Answer Link

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