Suppose you invest $3500 at annual interest rate of 2.5 % How much money do you have in the account after five years? Round two decimal places.

compounded monthly $

compounded weekly $

Please check the explanation.

Step-by-step explanation:

To find the amount we use the formula:

Here:

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

Given

P=$3500

r=2.5%

n=12

t = 5 years

Calculating compounded monthly

After plugging in the values

Thus, If you deposit $3500 into an account paying 2.5% annual interest compounded monthly, you will have $3959.93 after five years.

Calculating compounded weekly

n = 52

A = 3,965.90

Thus, If you deposit $2000 into an account paying 4.5% annual interest compounded weekly, you will have $3,965.90  after five years.

rick has $1400 and sally has $1500

step-by-step explanation:

to find amount of money rick has after 10 years :

principal = $1000 , time = 10 years , rate = 4% annually

to find amount of money sally has after 10 years :

her friend gives to pay her $50 per year, therefore money she has after 10 years = 50 × 10 = $500

also, sally gets $1000 after 10 years,

therefore, total amount of money sally has after 10 years = 500 + 1000 = $1500

so, after 10 years : rick has $1400 and sally has $1500