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kondor19780726 [428]
2 years ago
8

An engineer deposits $2,000 per month for four years at a rate of 24% per year, compounded semi-annually. How much will he be ab

le to withdraw 10 years after his last deposit?
Mathematics
1 answer:
Alex17521 [72]2 years ago
5 0

The amount of money he will be able to withdraw after 10 years after his last deposit is $926,400.

<h3>Compound interest</h3>

  • Principal, P = $2,000 × 12 × 4

= $96,000

  • Time, t = 10 years
  • Interest rate, r = 24% = 0.24
  • Number of periods, n = 2

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

= $96,000( 1 + 0.24/2)^(2×10)

= 96,000 (1 + 0.12)^20

= 96,000(1.12)^20

= 96,000(9.65)

= $926,400

Therefore, the amount of money he will be able to withdraw after 10 years after his last deposit is $926,400

Learn more about compound interest:

brainly.com/question/24924853

#SPJ4

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(6+2) +5 = 6+ (2+5)<br> State the property described each problem
Tanzania [10]

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Associative property - addition

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When three or more numbers are added, the sum is the same regardless of the way in  which the numbers are grouped.

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4 years ago
-9x=-36 what is the answer
Vlad1618 [11]

-9x=-36

divide both sides by -9

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-9x/-9= -36/-9

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4 years ago
Consider the line y=5x -3 Find the equation of the line that is patellar to this line and passes through the point (-8, -3) Cons
Lynna [10]

Answer:

The equation of the line that is parallel to given line and passes through the point (-8, -3) is: y = 5x+37

Step-by-step explanation:

Given equation of line is:

y=5x-3

The general form of equation of line in slope-intercept form is written as:

y = mx+b

Here m(co-efficient of x) is the slope of the line and b is the y-intercept.

Comparing the given equation with the general form we get

m = 5

Two parallel lines have same slope so the slope of any line parallel to given line will also be 5.

Let m1 be the slope of required line parallel to y=5x-3

Then m1=5

Putting in general form

y = m_1x+b

y=5x+b

To find the value of b(y-intercept) the given point has to be put in the equation from which the line passes.

The point is (-8,-3)

-3 = 5(-8)+b\\-3 = -40+b\\b = -3+40\\b = 37

Putting the value of b and m1, we get

y = 5x+37

Hence,

The equation of the line that is parallel to given line and passes through the point (-8, -3) is: y = 5x+37

5 0
3 years ago
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