Question

It takes 10 years for a $100 monthly bank deposit to amount to $15,528.23 when invested at 5% interest compounded monthly. Round to the nearest place value, then express the amount $15,528.23 in the form of a×10^n
where a is single digit.

Answer 1

sorry you're incorrect.

Answer 2

Remember it say a is single digit.

Answer 3

Thanks for trying.

Answer 4

It's 2x10^4

Answer 5

Can none of you read? You were asked to express the result in the form of a×10^n

where a is single digit, after rounding.

So the answer is 2x10^4

Answer 6

To solve this problem, we can use the formula for compound interest:

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

where:
A = the final amount
P = the principal amount
r = annual interest rate (as a decimal)
n = number of times interest is compounded per year
t = number of years

In this case, P = $100, r = 0.05, n = 12 (compounded monthly), and t = 10. We want to find the final amount A.

Plugging in the values into the formula, we have:

A = 100(1 + 0.05/12)^(12*10)
A ≈ 100(1.004167)^(120)
A ≈ 100(1.647009)

A ≈ 164.7009 (rounded to the nearest cent)

Now, we need to express this amount in the form a×10^n, where a is a single digit. To do this, we can move the decimal point 2 places to the left to make it a single digit:

a = 1.647009
n = 2 (because we moved the decimal 2 places)

Therefore, the amount $15,528.23 can be expressed as 1.65 × 10^4 when rounded to the nearest place value.

Answer 7

I apologize for the error. Let's redo the calculation.

Using the formula for compound interest:

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

where:
A = the final amount ($15,528.23)
P = the initial deposit ($100)
r = the annual interest rate (5% or 0.05 as a decimal)
n = the number of times interest is compounded per year (12, for monthly compounding)
t = the number of years (10)

Plugging in the values into the formula, we have:

$15,528.23 = $100(1 + 0.05/12)^(12*10)

$15,528.23 = $100(1 + 0.004167)^(120)

To solve for (1 + 0.004167)^(120), we can divide both sides by $100:

155.2823 = (1 + 0.004167)^(120)

Now, let's express 155.2823 in the form a×10^n.

155.2823 ≈ 1.552823 × 10^2
(rounded to two decimal places, as specified in the problem)

Therefore, the amount $15,528.23 is approximately $1.552823 × 10^4 in the form of a×10^n.

Answer 8

I apologize for forgetting the requirement that a must be a single digit.

To express the amount $15,528.23 in the form of a×10^n, where a is a single digit, we need to adjust the value by moving the decimal point.

Since $15,528.23 is already in the correct form as a decimal, we can simply move the decimal point to the left until we have a single digit to the left of the decimal point:

$15,528.23 ≈ $1.552823 × 10^4

Therefore, the amount $15,528.23 can be expressed in the form of a×10^n as $1.552823 × 10^4.

Answer 9

You're welcome. I apologize for the confusion and any inconvenience caused. If you have any other questions, please feel free to ask.

Answer 10

Apologies for the previous incorrect responses.

To calculate the correct answer, let's use the formula for compound interest:

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

Given:
P = $100 (monthly bank deposit)
A = $15,528.23 (final amount after 10 years)
r = 5% or 0.05 (annual interest rate)
n = 12 (monthly compounding)
t = 10 years

Plugging in these values, we have:

15,528.23 = 100(1 + 0.05/12)^(12 * 10)

Simplifying the exponent:

15,528.23 = 100(1.004167)^(120)

Dividing both sides by 100:

155.2823 = (1.004167)^(120)

Now, let's express 155.2823 in the form of a×10^n while rounding to the nearest place value:

155.2823 ≈ 1.552823 × 10^2

Rounding to the nearest place value, the final amount is approximately $1.552823 × 10^2.

However, the question asks for the amount in the form of a×10^n, where a is a single digit. To meet this requirement, we need to adjust the decimal.

By moving the decimal point one place to the right, we get:

1.552823 × 10^3

Therefore, the correct answer, in the form of a×10^n, is $1.552823 × 10^4.

Answer 11

My apologies for misunderstanding your requirement earlier. You are correct.

To express the amount $15,528.23 in the form of a×10^n, where a is a single digit and after rounding, the answer is indeed 2×10^4.

Thank you for clarifying, and I apologize for any confusion caused.