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tatiyna
1 year ago
6

You deposit $200 each month into an account earning 3% interest compounded monthly.

Mathematics
1 answer:
zvonat [6]1 year ago
7 0

The total amount of money accrued ( principal and interest ) in 35 years is $570.78.

<h3>What is the total amount accrued?</h3>

The formula for compound interest is expressed as;

A = P( 1 + r/t )^(n×t)

Given the data in the question;

  • Principal P = $200
  • Rate r = 3% = 3/100 = 0.03
  • Compounded monthly n = 12
  • Time t = 35
  • Amount accrued in 35 years A = ?

Plug the given values into the equation above.

A = P( 1 + r/n )^(n×t)

A = 200( 1 + 0.03/12 )^(12×35)

A = 200( 1 + 0.0025 )^(420)

A = 200( 1.0025 )^(420)

A = 200( 2.85390914 )

A = $570.78

Therefore, the total amount of money accrued ( principal and interest ) in 35 years is $570.78.

Learn more about compound interest here: brainly.com/question/27128740

#SPJ1

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8 0
1 year ago
Based on the model ​N(11541154​,8686​) describing steer​ weights, what are the cutoff values for ​a) the highest​ 10% of the​ we
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c)  1109.28 < x < 1198.72

Step-by-step explanation:

Given:

- Th random variable X for steer weight follows a normal distribution:

                                    X~ N( 1154 , 86 )

Find:

a) the highest​ 10% of the​ weights? ​

b) the lowest​ 20% of the​ weights? ​

c) the middle​ 40% of the​ weights? ​

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a)

We will compute the corresponding Z-value for highest cut off 10%:

                                   Z @ 0.10 = 1.28

                                    Z = (x-u) / sd

Where,

u: Mean of the distribution.

s.d: Standard deviation of the distribution.

                                   1.28 = (x - 1154) / 86

                                      x = 1.28*86 + 1154

                                      x = 1225.68

b)

We will compute the corresponding Z-value for lowest cut off 20%:

                                   -Z @ 0.20 = -0.84

                                    Z = (x-u) / sd

                                   -0.84 = (x - 1154) / 86

                                      x = -0.84*86 + 1154

                                      x = 1081.76

c)

We will compute the corresponding Z-value for middle cut off 40%:

                                    Z @ 0.3 = -0.52

                                    Z @ 0.7 = 0.52

                                    [email protected] < x < [email protected]

                       -.52*86 + 1154 < x < 0.52*86 + 1154

                                  1109.28 < x < 1198.72

7 0
3 years ago
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