Question

1. A 3,500.00 principal earns 3% interest, compounded semi annually. After 20 years, what is the balance in the account
A. 7,700.00
B. 4,713.99
C. 5,600.00
D. 6,349.06

2. A boat costs 92,000.00 and depreciates in value by 15% per year. How much will the boat be worth after 10 years?
A. 18,112.45
B. 78,200.00
C. 18,941.98
D. 69,000.00

If anyone could help that would be great.Thank you so much!

Answer 1

#1: 3500(1+.035/2)^(2*20)

#2: 92000*0.85^10

Answer 2

Thank you so much! I really appreciate it!

Answer 3

7005.59070115 That's the answer I am getting for number one...

Answer 4

18112.44519935 and that for the second one?

Answer 5

tia, you are correct. ( sry ik this is late )

Answer 6

thank you