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Anika [276]
2 years ago
11

Bob cratchit needs $16 per month for grave maintenance after he passes. if he earns 3.0 nnual interest, compounded monthly, how

much should he deposit before he dies? group of answer choices
Business
1 answer:
Whitepunk [10]2 years ago
4 0

Compounding is the process whereby interest is credited to an existing principal amount as well as to interest already paid. Compounding thus can be construed as interest on interest the effect of which is to magnify returns to interest over time, the so-called miracle of compounding.

The annual interest rate refers to the rate that is applied over a period of one year. Interest rates can be applied over different periods, such as monthly, quarterly, or bi-annually. However, in most cases, interest rates are annualized.

Monthly interest rate=2/12=0.1666%

So total deposit required=Amount/interest

=19/0.1666%

=19/0.00166

=11445

So option B is the correct statement

Learn more about Compounding here

brainly.com/question/24924853
#SPJ4

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Answer:

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Explanation:

Giving the following information:

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The average wedding costs 24,000$ "According to The Wedding Report, in 2010 the average wedding cost a little more than $24,000." found this in my study guide :) I hope it helps.



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