Before deciding to deposit money at the credit union, Heather checked the interest rates at her local bank as well. The bank was paying a nominal interest rate of 9.8% compounded quarterly. If Heather had deposited $1,700 at her local bank, how much would she have had in her account after 13 years?

Shw would have accumulated $5,985.09

Explanation:

Giving the following information:

The bank was paying a nominal interest rate of 9.8% compounded quarterly.

Heather deposit $1,700 at her local bank.

Number of years= 13 years

First, we need to calculate the quarterly interest rate:

i= 0.098/4= 0.0245

Now, using the following formula we can calculate the final value:

FV= PV*(1+i)^n

FV= 1,700*(1+0.0245)^(13*4)= $5,985.09

answerskimming;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.