How much must you deposit in an account that pays 6.25% interest, compounded annually, to have a balance of $700 after two years? = $
Answers
The compound interest is applied to the remaining balance in the account
each subsequent year.
- The amount that must be deposited is approximately $620.07
Reasons:
The given compound interest rate, r = 6.25% = 0.0625
The balance in the account after 2 years, A = $700
Required:
The required deposit, P, that gives the given account balance after 2 years.
Solution:
The following is the compound interest formula to use;
Where;
t = 2 years
We get;
Which gives;
- The amount that must be deposited to give $700 after 2 years is P ≈ $620.07
Learn more about compound interest here:
Related Questions
Mr.ward and mr. heskey are racing toy cars and Mr. heskey wants to give mr. ward an 8 ft head start because his car is 2 seconds slower. mr. ward's car travels 4 feet per second and mr. he's key's car travels 6 ft per second.which inequality could be used to determine after how many seconds, 's mr. heskey's car will be head of mr. ward's car?please show how you got the answer.
Which equation is true
Find the average of 72,95,100,85,and 88
A fair die is rolled 8 times. What is the probability that the die comes up 6 exactly twice? What is the probability that the die comes up an odd number exactly five times? Find the mean number of times a 6 comes up. Find the mean number of times an odd number comes up. Find the standard deviation of the number of times a 6 comes up. Find the standard deviation of the number of times an odd number comes up.
Answers
Answers
Answer:
11. True
12. false
13. True
14. False
15. true
16. True
sry if number 15 & 16 are wrong,
17. Line AE, Line FE, Line HE
18. Plane ABCD
19. Plane ABCD , Plane CDHG
20. Plane CDHG, Plane ABCD, Plane ADHE
hope this helps :)
Answers
Answer:
The 3rd choice
Answer: the third one
Step-by-step explanation:
to get from 6 to 3 u divide by 2 and same thing goes for 10 to 5 and 14 to 7
hope this help! :)
Completely factor
SHOW WORK
Answers
Answer:
(7x - 2)(3x^2 - 4)
See below.
Step-by-step explanation:
21x^3 - 9x^2 - 28x + 12
3x^2(7x - 3) - 4(7x - 3)
The common factor in this is 7x - 3. Use the distributive property to bring it out.
(7x - 3) [(3x^2 ) - 4]
(7x - 3)(3x^2 - 4)
You could factor 3x^2 - 4 but most times, since you can't reduce this to an integer result, you just leave it as it is.
If you have to use surds then the answer could be
(7x - 3)(√3 - 2)(√3 + 2)
Answer:
(7x-3) (3x^2-4)
Step-by-step explanation:
Answers
if I had enough money, of course I will have change.