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Aliun [14]
2 years ago
10

A couple deposits $20,000 into an account earning 5% annual interest for 30 years. Calculate the future value of the investment

if the interest is compounded monthly. Round your answer to the nearest cent.
Mathematics
1 answer:
makvit [3.9K]2 years ago
5 0

The future value of the investment if the interest is compounded monthly is $89,354.89.

<h3>What is the future value of the investment?</h3>

Given that;

  • Principal P = $20,000
  • Annual interest rate r = 5% = 5/100 = 0.05
  • Time t = 30 years
  • Compound monthly = 12
  • Future value = A = ?

Using the compound interest formula;

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

We plug in our values.

A = 20000( 1 + 0.05/12 )^(12 × 30)

A = 20000( 1 + 0.0041666666666667)^(360)

A = 20000( 1.0041666666666667)^(360)

A = 20000( 4.46774965 )

A = 89354.89

Therefore, the future value of the investment if the interest is compounded monthly is $89,354.89.

Learn more about compound interest here: brainly.com/question/21270833

#SPJ1

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Consider the probabilities of people taking pregnancy tests. Assume that the true probability of pregnancy for all people who ta
Valentin [98]

Using conditional probability, it is found that there is a 0.8462 = 84.62% probability that a woman who gets a positive test result is truly pregnant.

<h3>What is Conditional Probability?</h3>

Conditional probability is the probability of one event happening, considering a previous event. The formula is:

P(B|A) = \frac{P(A \cap B)}{P(A)}

In which

  • P(B|A) is the probability of event B happening, given that A happened.
  • P(A \cap B) is the probability of both A and B happening.
  • P(A) is the probability of A happening.

In this problem, the events are:

  • Event A: Positive test result.
  • Event B: Pregnant.

The probability of a positive test result is composed by:

  • 99% of 10%(truly pregnant).
  • 2% of 90%(not pregnant).

Hence:

P(A) = 0.99(0.1) + 0.02(0.9) = 0.117

The probability of both a positive test result and pregnancy is:

P(A \cap B) = 0.99(0.1)

Hence, the conditional probability is:

P(B|A) = \frac{0.99(0.1)}{0.117} = 0.8462

0.8462 = 84.62% probability that a woman who gets a positive test result is truly pregnant.

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7 0
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Which numbers are perfect squares? Check all that apply.
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A perfect square is a number made by squaring a whole number.

Since

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  • 10^2=100,

numbers 1, 16, 100 are perfect squares. You cannot find such whole number n, that

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  • 32=n^2;
  • 44=n^2;
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Answer: 1, 16, 100.

4 0
3 years ago
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Please help,I really need it
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