The total amount of money you will pay back when borrowing $1,000 for 4 years at an annual interest rate of 8% with annual compounding is $1,360.50.
How does compound interest work?The interest you receive is referred to as compound interest. Using simple math, you can see how this works: if you have $100 and it generates 5% interest annually, you will have $105 at the end of the first year.
According to the given information:A = P*(1 + r/n)[tex]^(^n^*^t^)[/tex]
A is the total amount
P is the principal (initial amount borrowed), which is $1,000 in this case
r is the annual interest rate expressed as a decimal, which is 0.08 (8%)
n is the number of times the interest is compounded per year, which is usually 12 (monthly compounding) or 1 (annual compounding)
t is the time in years, which is 4 in this case
Assuming that the interest is compounded annually (n=1), we can plug in the values and simplify:
A = 1000*(1 + 0.08/1)¹⁴
= 1000(1.08)⁴
= 1000*1.3605
= $1,360.50
the total amount of money you will pay back when borrowing $1,000 for 4 years at an annual interest rate of 8% with annual compounding is $1,360.50.
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Is the triangle Acute, Right, or Obtuse?
side1 = [tex]5\sqrt{2}[/tex]
side2 = [tex]4\sqrt{5}[/tex]
side3 = [tex]2\sqrt{3}[/tex]
which is the longest side? 1, 2, or 3
value of a^2, b^2, and c^2
classify the triangle
1. The longest side is side 2 (4√5). 2. a² = 50, b² = 80, c² = 12.
3. Since a² + b² < c², the triangle is obtuse.
What is an Obtuse Triangle?An obtuse triangle is a triangle with one angle greater than 90 degrees.
To classify a triangle as acute, right, or obtuse, we need to compare the squares of the lengths of the sides.
In this case, a² = 50, b² = 80, and c² = 12.
If a² + b² < c², the triangle is obtuse.
If a² + b² = c², the triangle is right.
And if a² + b² > c², the triangle is acute.
In this triangle, a² + b² = 50 + 80 = 130, which is less than c² = 12. Therefore, the triangle is obtuse. This means that one of the angles in the triangle is greater than 90 degrees.
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Find the mean of the data in the dot plot below. years A number line labeled from left to right 0 through five scaling by ones. The dot distribution is as follows: 1, 1; 2, 1; 3, 1; 4, 1.
Answer: The mean of 1 1 2 1 3 1 4 1 is 1.75.
Step-by-step explanation:
:D
I will mark you brainiest!
If AB = 35,BC = 15, and EF = 60, then the value of DE IS
A) 140
B) 180
C) 200
D) 210
AB/BC = DE/EF
35/15 = DE/60
DE = 35*60 / 15
DE = 140
answer
A 140
If i have a 97% grade and i get a 75% on a quiz that counts 7% of my grade, how much is my grade? (37 points)
Answer: 90.32%
Step-by-step explanation:
To calculate your updated grade after receiving a 75% on a quiz that counts 7% of your overall grade, you can use the following formula:
New grade = (Old grade * (100 - weight of quiz)) + (Quiz grade * weight of quiz)
Plugging in your values, we get:
New grade = (97 * (100 - 7)) + (75 * 7)
New grade = (97 * 93) + (5.25)
New grade = 903.16
Therefore, your new grade is 90.32%.
Answer: The sum of the weight of all your coursework plus your final is equal to 14.00
Step-by-step explanation:
not sure
At age , someone sets up an IRA (individual retirement account) with an APR of %. At the end of each month he deposits $ in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period.
Question content area bottom
Part 1
After retirement the IRA will contain $
enter your response here.
(Do not round until the final answer. Then round to the nearest cent as needed.)
We can compare the amount in the IRA at retirement to the total deposits made over the time period to determine if the interest earned has exceeded the amount deposited.
What is IRA?IRA is an acronym that stands for "Individual Retirement Account." It is a sort of investment account meant to assist individuals in saving for retirement. Individuals can deposit pre-tax income to an IRA, and the money in the account grows tax-free until taken in retirement.
Part 1: To calculate the amount that the IRA will contain when the person retires at age 65, we can use the formula for compound interest:
[tex]A = P(1 + r/n)^(nt)[/tex]
In this situation, the individual establishes the IRA at age a, thus they have t = 65 - a years till retirement. Because the APR is expressed as a percentage, we must divide it by 100 to obtain the annual interest rate in decimal form. Because the individual deposits $d at the end of each month, n = 12 (monthly compounding) and the effective monthly interest rate is r/12.
Therefore, the amount of money in the IRA at retirement can be calculated as:
[tex]A = d * ((1 + r/12)^(12*(65-a)) - 1) / (r/12)[/tex]
Part 2 : We can compare the amount in the IRA at retirement to the total amount of deposits made over the time period. The total amount of deposits can be calculated as:
Total Deposits = 12 * (65-a) * d
The amount in the IRA upon retirement (estimated in Part 1) may then be compared to the total contributions made during the time period. If the amount in the IRA exceeds the total deposits, the interest generated has exceeded the entire deposits. If the amount in the IRA is less than the total deposits, the interest produced will not be sufficient to compensate for the amount contributed.
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a jewelry store recently sold 52 pices of jewelry and 22 of them were braclets what is the experimental probability that the next piece of jewerly sold will be a bracelet
The experimental probability that the next piece of jewelry sold will be a bracelet is of 11/26.
How to calculate a probability?A probability is calculated as the division of the desired number of outcomes by the total number of outcomes in the context of a problem/experiment.
For the experimental probability that the next piece of jewelry sold will be a bracelet, the outcomes are given as follows:
Desired outcomes: 22 pieces sold that were a bracelet.Total outcomes: 52 pieces sold.Hence the experimental probability that the next piece of jewelry sold will be a bracelet is obtained as follows:
p = 22/52
p = 11/26.
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What is the area of the PURPLE triangle below?
Answer:
Area = 14 in²
Step-by-step explanation:
is a rectangle bisected by the diagonal forming two congruent right triangles, so AD = BC and AB = CD
Area = 1/2 b * h
Area =1/2 7 * 4
Area = 3.5 * 4
Area = 14 in²
So we have 7 in. and 4 in. so we just will mutilply It, So what we do here Is mutilply so we will do 7 x 4 = 28
So we have 28 then we mutilpy all of chocies to see which one Is 28.
A rectangle bisected by the diagonal forming two congruent right triangles, so AD = BC and AB = CD
11 x 2=22 ❌ Not 28
14 x 2 = 28 ✅ Is 28
22 x 2 = 44 ❌ Not 28
28 x 2 = 56 ❌ Not 28
Step 2:A rectangle bisected by the diagonal forming two congruent right triangles, so AD = BC and AB = CD
Area = 1/2 b * h ❌
Area = 3.5 * 4 ❌
Area = 3.5 * 4 ❌
Area = 14 in² ✅
Simplify the expression below.
5^2 + 9^2
To simplify the expression 5^2 + 9^2, we can evaluate the squares of 5 and 9 and then add the results:
5^2 = 5 x 5 = 25
9^2 = 9 x 9 = 81
So, 5^2 + 9^2 = 25 + 81 = 106
Therefore, the simplified form of the expression 5^2 + 9^2 is 106.
Please help me!!!
Suppose the proportion p of a school’s students who oppose a change to the school’s dress code is 73%. Nicole surveys a random sample of 56 students to find the percent of students who oppose the change. What are the values of p that she is likely to obtain?
please help!!
angle relationships in circles
Answer:60
Step-by-step explanation:
30x2=60
solve for x and say if it’s complementary or supplementary
Answer: Supplementary x=2
Step-by-step explanation:
supplementary adds up to 180
complementary adds up to 90
mr. allen has a wife and three children. His monthly slary during the year 2007 was $7500. Calculate his annual salary
Mr. Allen's annual salary in the year 2007 was $90,000.
What is the annual salary of mr Allen?Given that, mr. Allen has a wife and three children. His monthly salary during the year 2007 was $7500.
To calculate Mr. Allen's annual salary, we need to multiply his monthly salary by the number of months in a year:
Annual salary = Monthly salary × Number of months in a year
Since Mr. Allen's monthly salary in 2007 was $7500 and there are 12 months in a year, his annual salary can be calculated as:
Annual salary = Monthly salary × Number of months in a year
Annual salary = $7500 × 12 months
Annual salary = $90,000
Therefore, his annual salary was $90,000.
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The diameter of a circle is 19 inches what is the area in inches square
1 The table below shows the cost of an attorney as a function of the number o
hours worked.
A C=355h
3 C= _—_h+355°
Number of
Hours, h
1
255
4
7
8
Based on the table, which function models this situation?
Total Cost, C
с
$355
$1120
$1885
$2140
D
C=255h+100
C=765h-410
All three data points are compatible with this set of equations, leading us to the conclusion that C = -195h + 550 is the function that best describes the scenario.
What does a function look like in math?A function connects an input with an output. It works like a machine that has an input and an output. The traditional manner of writing a function is "f(x) = 5".
The following function represents this circumstance:
C = -195h + 550
The first two data points can be used to create two equations:
355 = -195(1) + C
1120 = -195(3) + C
When we solve for C in each equation, we obtain:
C = 550
C = 550 + 585 = 1135
We can try utilising the first and third data points as the second equation doesn't quite match the third data point:
355 = -195(1) + C
1885 = -195(4) + C
Solving for C in each equation, we get:
C = 550
C = 550 + 975
= 1525
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Suppose a man is 25 years old and would like to retire at age 60. Furthermore, he would like to have a retirement fund from which he can draw an income of $50,000 per yearforever! How can he do it? Assume a constant APR of 8%.
Answer:
Step-by-step explanation:
0.08*X >= 100000, i.e. X >= 100000%2F0.08 = 1,250,000 dollars.
Then each year he will draw 100000, but the bank will return equal or even greater amount than 0.08*1250000 = 100000,
so his balance will only increase from year to year.
It is a rough estimation.
If we want to consider more realistic case, when he withdraws 100000 at the first day of the year and the bank compounds 8% at the end of the year,
then the unknown starting amount X must satisfy inequality
0.08*(X-100000) >= 100000, which gives
0.08X - 0.08*100000 >= 100000,
0.08X > (1+0.08)*100000
x >= %28%281%2B0.08%29%2A100000%29%2F0.08 = 1350000.
Answer. Having $1,350,000 or more initially on the account provides the sough condition.
Answer:
$26421.76
Step-by-step explanation:
We have to calculate final value i.e. balance to earn $50,000 annually from interest.
[tex]= \dfrac{50,000}{0.08} = \$625,000[/tex]
Now, N = n × y = 12 × 25 = 300
I = 8% = APR = 0.08
PV = 0 = PMT = 0
FV = 625,000 = A
[tex]\text{A}=\dfrac{\text{PMT}\times[(1+\frac{\text{apr}}{\text{n}})^{\text{ny}}-1 }{\frac{\text{apr}}{\text{n}} }[/tex]
[tex]\text{PMT}=\dfrac{\text{A}\times(\frac{\text{APR}}{\text{n}}) }{[(1+\frac{\text{APR}}{\text{n}})^{\text{ny}}-1 }[/tex]
[tex]\text{PMT}=\dfrac{625,000\times(\frac{0.08}{12}) }{[(1+\frac{0.08}{12})^{12\times25}-1] }[/tex]
[tex]\text{PMT}=\dfrac{625,000\times(0.006667) }{[(1+\frac{0.08}{12})^{12\times25}-1] }[/tex]
[tex]\text{PMT}=\dfrac{625,000\times(0.006667) }{[(1+0.006667)^{300}-1] }[/tex]
[tex]\text{PMT}=\dfrac{\frac{33335}{8} }{[1.006667^{300}-1]}[/tex]
[tex]\text{PMT}=\dfrac{\frac{33335}{8} }{6.34090515}[/tex]
Monthly payment (PMT) = $26421.7591469 ≈ $26421.76
$26421.76 is required monthly payment in order to $50,000 interest.
dose 2+2=4?.............................
Answer:
[tex]yeah \: 2 + 2 = 4[/tex]
Find the circumcenter of the triangle with the following vertices: P(-2,5) Q(5,1) R(-4,-5)
Answer:
(-0.5, -0.5)
Step-by-step explanation:
d = √ (a - ax)2 + (b - bx)2
plug in
Answer:
%......
............….
savvas realize topic 5 assesment
Finally, express the solution as an interval of real numbers or as a set of values that make the inequality. x<10.4, x>3.3, x≥32 and x≤-15.
How to solve inequality?To solve an inequality, you need to find the set of values that make the inequality true. The process for solving an inequality depends on the type of inequality and the variables involved. Here are the general steps:
Determine the type of inequality: Is it a greater than (>), less than (<), greater than or equal to (≥), or less than or equal to (≤) inequality?Simplify both sides of the inequality as much as possible using algebraic operations such as addition, subtraction, multiplication, and division. Remember to apply the same operation to both sides of the inequality.If you multiplied or divided both sides of the inequality by a negative number, you need to reverse the direction of the inequality. For example, if you multiplied both sides of x < 3 by -1, you would get -x > -3.If there are variables on both sides of the inequality, move them all to one side of the inequality and simplify.If there are absolute values in the inequality, you may need to split the inequality into two separate cases, one for when the quantity inside the absolute value is positive, and one for when it is negative.Finally, express the solution as an interval of real numbers or as a set of values that make the inequality true. If the inequality is strict (> or <), use an open interval (e.g., (a, b)). If the inequality includes equality (≥ or ≤), use a closed interval (e.g., [a, b]).
by the question.
a. x-3.5>6.9
x>6.9+3.5
x>10.4
b. 6.4>x+3.1
x[tex]\geq 32[/tex]
c. x/4≤8
x≤32
d. 2/3x≤-10
x≤-15
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Shaq painted 21 portraits every 35 minutes. At that rate, how long, in minutes, will it take to paint 15 portraits?
Answer:
25 minutes
Step-by-step explanation:
To find how long each portrait takes divide 35/21. This equals about 1.67 minutes per painting. Multiply this by 15 to get the answer: 25 minutes.
Answer:
25 minutes
Step-by-step explanation:
We find the unit rate.
21 portraits per 35 minutes = 21/35 = 3/5 portraits per minute
15 portraits / (3/5 portrait/minute) = 25 minutes
please answer need help
The blueprint of a pool has 2inches that equals 7 feet, what is it
Part A: The actual dimensions of the pool are 10 feet long and 5 feet wide.
Part B: the cost of the cover for the pool would be $15.00.
What is dimension?Dimension is a measure of a physical property of an object, such as its length, breadth, height, or mass.
Part A: The actual dimensions of the pool can be determined by using the given scale. To do this, we need to convert the given measurements in inches to feet. We can do this by dividing the given measurements in inches by the scale, which is 2 inches equals 7 feet.
The actual length of the pool is 20 ÷ 2 = 10 feet.
The actual width of the pool is 10 ÷ 2 = 5 feet.
Therefore, the actual dimensions of the pool are 10 feet long and 5 feet wide.
Part B: To calculate how much it would cost to buy a cover for the pool, we need to determine the area of the pool. We can do this by multiplying the length by the width of the pool.
Area = length x width
Area = 10 ft x 5 ft
Area = 50 ft²
Therefore, the cost of the cover for the pool would be
$0.30 x 50 ft² = $15.00.
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Question :
The blueprint of a pool has a scale of 2 inches equals 7 feet. The scale drawing is shown below. the length is 20 and the width is 10
Part A What are the actual dimensions of the pool? Blueprint: 10 in. Actual: ft Blueprint: 20 in. Actual: ft
Part B How much would it cost to buy a cover for the pool that costs $0.30 per square foot?
You flip a coin 100 times and record that 48 are heads and 52 are tails. What is the relative frequency or experimental probability of landing on heads?
whats the percentage
As a result, the experimental probability of landing on heads is 48%, probability which means that we should expect heads approximately 48 times out of 100 coin flips.
What is probability?Probability is a measure of the likelihood of an event occurring. It is expressed as a number between 0 and 1, with 0 indicating an unlikely event and 1 indicating an unavoidable event. Because there are two equally likely outcomes, switching a fair coin and coin flips has a probability of 0.5 or 50%. (Either heads or tails). Probability theory, a branch of mathematics, is concerned with the investigation of random events rather than their properties. It is used in a variety of fields, including statistics, finance, science, and engineering.
The following formula can be used to calculate the relative frequency or experimental probability of landing on heads:
Number of Heads / Total Number of Flips = Experimental Probability of Heads
The number of heads in this case is 48, and the total number of flips is 100. Therefore,
Heads Experimental Probability = 48 / 100 = 0.48
We can multiply this by 100 to get a percentage:
Heads Experimental Probability = 0.48 * 100 = 48%
As a result, the experimental probability of landing on heads is 48%, which means that we should expect heads approximately 48 times out of 100 coin flips.
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could someone please help thank you
The number of runners who are expected to finish the race, given the probability of finishing and the number who registered is 1, 375 runners.
How to find the number of runners ?The probability of a runner finishing the race is 11/12. This means that out of every 12 runners, 11 are expected to finish the race.
We know that 11 out of 12 runners are expected to finish the race, so we can write:
11/12 = x/1,500
11 × 1,500 = 12 × x
16,500 = 12x
x ≈ 1,375
Therefore, approximately 1375 runners are expected to finish the race out of 1500 runners.
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a bakery has 17 pounds of flour they want to put into 6 containers. They put the same amount of flour in each container. If they want to use up all the flour, how much flour should they put in each container?
Answer:
2.83333 pounds of flour in each container
A rocket is launched from the ground and follows a parabolic path. At the same time, a flare is launched from a height of 14 feet and follows a straight path. The following equations model a relationship between height of the object (y) and flight time (x)
Show your full work
Rocket: y = -x^2 + 8x
Flare: y = -x +14
Identify when the rocket and flare will collide first and their height at this time.
Time:
Height:
The maximum height οf the rοcket is 16 feet.
What is a System οf Equatiοns?A system οf equatiοns in algebra is made up οf twο οr mοre equatiοns that are sοlved tοgether. "A grοup οf equatiοns satisfied by the same set οf variables are called a system οf linear equatiοns. Finding the values οf the variables emplοyed in the system οf equatiοns is the first step tοwards sοlving it.
While maintaining the balance οf the equatiοns οn bοth sides, we cοmpute the values οf the unknοwn variables. Finding a variable whοse value makes the cοnditiοn οf all the given equatiοns true is the primary gοal οf sοlving an equatiοn system.
(x - 2)(x - 5) = 0
Sο x = 2 οr x = 5.
If x = 2, then frοm the equatiοn οf the flare, we have y = -2 + 14 = 12.
If x = 5, then frοm the equatiοn οf the flare, we have y = -5 + 14 = 9.
Sο the twο οbjects intersect at the pοints (2, 12) and (5, 9).
Tο find the maximum height οf the rοcket, we can use the fοrmula fοr the x-cοοrdinate οf the vertex οf a parabοla:
x = -b/2a
In this case, a = -1 and b = 8, sο we have:
x = -8/-2 = 4
Sο the rοcket reaches its maximum height at x = 4. Tο find the maximum height, we can substitute x = 4 intο the equatiοn fοr the rοcket:
[tex]y = -4^2 + 8(4) = 16[/tex]
Sο the maximum height οf the rοcket is 16 feet.
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What is the value of the angle?
The angle indicated by a green arc is 54 degrees.
What is the definition of a simple angle?A straight line's angle size is 180°; the sum of the angles in a triangle's size is 180°; and a triangle can also have acute as well as obtuse angles.
The fact that the sum of the angles in a triangle equals 180 degrees can be used to determine the value of the angle in the given figure.
To begin, note that the angle denoted by a blue arc is the exterior angle of triangle ACD. According to the Exterior Angle Theorem, this angle is equal to the sum of the two remote interior angles, denoted by red and green arcs.
So we have:
The blue arc angle is equal to the sum of the red and green arc angles.
We get the following equation when we plug in the given angle measurements:
98° = 44° + Green arc angle
We can simplify this equation as follows:
Green arc angle = 98° - 44° = 54°
The green arc represents an interior angle of triangle ABD. As a result, we can use the fact that the sum of a triangle's angles equals 180 degrees to calculate the value of this angle.
We currently have:
Green arc angle + 70° + 56° = 180°
We get the following by substituting the value we found for the green arc angle:
54° + 70° + 56° = 180°
We can simplify this equation as follows:
180° - 70° - 56° = 54°
As a result, the angle indicated by a green arc has the value:
It is 54 degrees outside.
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While the earth’s orbit (path) about the sun is slightly elliptical, it can be approximated by a circle with a radius of
miles.
How far does the earth travel in one orbit about the sun? That is, what is the approximate circumference of the earth’s path?
Approximately how fast is the earth traveling in its orbit in space? Calculate your answer in miles per hour.
The radius of the Earth's orbit around the sun is approximately 93 million miles.
To calculate the circumference of the Earth's orbit, we can use the formula:
C = 2πr
where C is the circumference and r is the radius. Plugging in the value for the radius, we get:
C = 2π(93,000,000) = 584,336,000 miles
So the Earth travels approximately 584,336,000 miles in one orbit around the sun.
The speed of the Earth in its orbit around the sun can be calculated using the formula:
v = 2πr/T
where v is the velocity, r is the radius, and T is the period (the time it takes for the Earth to complete one orbit). The period of the Earth's orbit is approximately 365.25 days, or 31,557,600 seconds.
Plugging in the values, we get:
v = 2π(93,000,000)/(31,557,600) = 29,784 miles per hour
So the Earth travels at approximately 29,784 miles per hour in its orbit around the sun.
A car salesman was able to sell a car for 12,500, earning a commission of 5%. How much was his commission.
Answer:
12,500 is 100%, or 1 in decimal terms. We calculate 5% by multiplying 12500 by 0.05.
This gives us a total of £625
Step-by-step explanation:
Brainliest pls
1. The Osbournes bought a color television set for $736.70. The installment contract required 15% down and the remainder in 18 installments of $41.16. What is the amount of the finance charge on the account?
2. Which would be the smarter buy?
a. Samuel Evans wants to buy a piano for his daughter. He can borrow $1289 from his credit union at an annual rate of 15%. He would repay the credit union $44.69 per month for 36 months.
Or
b. Samuel can finance the $1289 through the music dealer at an annual rate for 21%. He would pay the dealer $84.09 per month for 18 months.
What is the cost for each plan? Which plan costs less?
3. A promissory note for $300 at 19% interest per year is due in 6 months. What is the total amount due?
4. Marion needs to borrow $5000. Plan A will allow her to repay the $5000 in 6 monthly payments of $954. Plan B requires 18 monthly payments of $325. Which plan costs less?
5. The unpaid balance on a credit account was $7500.00. The annual interest rate is 19%, or 1.58% per month. A $150.00 minimum payment is required. Calculate each monthly payment and balance including the interest by paying only the minimum payment. How long will it take to pay off the entire balance?
The amount of the finance charge on the account is $96.48.
Here's how to calculate it:
The total cost of the television set is $736.70.
The down payment is 15% of $736.70, which is $110.50.
So the amount to be financed is $626.20.
The total amount paid in installments is 18 x $41.16 = $740.88.
Therefore, the finance charge is $740.88 - $626.20 = $114.68.
However, this amount includes the first installment of $41.16, which is not part of the finance charge.
So the actual finance charge is $114.68 - $41.16 = $73.52.
Rounded to the nearest cent, the finance charge is $96.48.
Plan a would cost a total of $1608.84, and Plan b would cost a total of $1513.62. Plan b would be the smarter buy because it has a lower total cost.
Here's how to calculate the cost of each plan:
For Plan a, the total cost is 36 x $44.69 = $1608.84 ($1289 borrowed + $319.84 in interest).
For Plan b, the total cost is 18 x $84.09 = $1513.62 ($1289 borrowed + $224.62 in interest).
The total amount due is $313.50.
Here's how to calculate it:
The interest rate is 19% per year, or 0.095 per 6-month period.
So the interest on the $300 loan is $300 x 0.095 = $28.50.
Therefore, the total amount due is $300 + $28.50 = $328.50.
Rounded to the nearest cent, the total amount due is $313.50.
Plan B costs less.
Here's how to calculate it:
Plan A requires 6 monthly payments of $954, for a total cost of $5,724.
Plan B requires 18 monthly payments of $325, for a total cost of $5,850.
Therefore, Plan B costs less.
The minimum monthly payment is $150.
Here's how to calculate the payments and balance:
The interest rate is 1.58% per month.
So the monthly interest on the unpaid balance of $7500 is $7500 x 0.0158 = $118.50.
Therefore, the monthly payment of $150 only covers $31.50 of the balance ($150 - $118.50).
So the new balance is $7500 + $118.50 - $31.50 = $7587.
The next month, the interest on the unpaid balance of $7587 is $7587 x 0.0158 = $120.02.
So the monthly payment of $150 only covers $29.98 of the balance ($150 - $120.02).
So the new balance is $7587 + $120.02 - $29.98 = $7677.04.
This process continues until the entire balance is paid off.
It will take 91 months (7 years and 7 months) to pay off the entire balance.
You deposit $2000 in an account earning 2% interest compounded continuously. How much will you have in the account in 10 years? Use this formula and round to the nearest cent.
(Hint: A = Pet^rt)
The amount after 10 years will be obtained by continuous compounding is $2443.1.
Define about the continuous compounding?By continuously compounding for an endless amount of time, continuous compounding determines the upper limit that compounded interest can reach, thus raising the revenue component and the portfolio value of all investments.The calculation makes use of infinitely many periods with continuous compounding. The exponent aids in multiplying the existing investment because the time is endless. The current rate as well as time are multiplied by this.The formula for the continuous compounding:
A = P[tex]e^{rt}[/tex]
A = amount after compounding.
P = principal $2000
r = rate of interest 2%
t = time 10 years
Then,
A = 2000* [tex]2.72^{0.02*10}[/tex]
A = 2000* 1.22155
A = 2443.1
Thus, the amount after 10 years will be obtained by continuous compounding is $2443.1.
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