1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
It takes Shonda of an hour to dry one load of laundry in her dryer. How many hours will it take her to dry 7 loads of laundry?
ElenaW [278]
7 hours because 1 load = 1 hour so 7 loads = 7 hours
3 0
3 years ago
Rationalise the denominator 10/root 2
Vikentia [17]
Multiply the numerator and denominator by √2
10√2/2
Simplify
5√2
3 0
3 years ago
Read 2 more answers
Write each number as a fractions with positive exponents.
boyakko [2]
You can't take away 6 from 2 but you can switch them and get 6-2 and that's =4 10-8=2 7-5=2
8 0
3 years ago
Math<br> Needs help<br> Surface area
vladimir1956 [14]

The answer is D.

Hope this helps!

5 0
3 years ago
Can you please help with 19&amp;23? 19 says write an expression to represent the perimeter. Thanks!
Valentin [98]

the perimeter is simply the sum of all its sides.

(6a+8)+(12a)+(6a+8)+(10a-4)

34a + 16 - 4

34a + 12.

7 0
3 years ago
Other questions:
  • How many of the first 10,000 positive integers contain the digit pair “43” in that order?
    8·1 answer
  • A bag holds 1 blue block and 3 yellow blocks. How many green blocks should be added to the bag to make the probability of random
    14·1 answer
  • What is the attribute being measured?
    6·2 answers
  • Find the value of y when x=11 8x+6y=28
    14·1 answer
  • What is the equation of function in slope-intercept form?
    15·1 answer
  • A conical tank is 8 meters high. The radius of the top is 2 meters. At what rate is the water running out if the depth is 3 mete
    8·1 answer
  • 7xy+4 for x = 5 and y=-2
    6·2 answers
  • How do I do this? It is an algebraic expression I believe and
    9·1 answer
  • Which statements below are true? Select all that apply.
    6·1 answer
  • 3) Ash decided to buy some new socks. They had two coupons, one said 10% off and the other was for $3 off. If the package of soc
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!