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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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A cars odometer reads 12,386 if the driver takes the car to and from work for three days and each trip is 32 miles one way what
nata0808 [166]

At the end of the third day, the new reading on the odometer will be 12,578 mi

<h3>What will the odometer reading at the end of the third day?</h3>

The initial odometer reading is 12,386 miles.

Then, the driver takes drives to and from work, such that each trip is 32 miles. Then each day he drives 2*2mi = 64 miles.

And he does this for 3 days, then the total distance driven is:

3*64mi = 192 miles.

At the end of the third day, the new reading on the odometer will be:

R = 12,386 mi + 192mi = 12,578 mi

If you want to learn more about distance:

brainly.com/question/7243416

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Step-by-step explanation:

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Step-by-step explanation:

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