A newborn child receives a $20,000 gift toward college education from her grandparents. How much will the 20,000 be worth in 17
1 answer:
Answer:
The amount the $20.000 will be worth in 17 years at compound interest is $65068.443
Step-by-step explanation:
Here we have the Principal, P = $20,000.00
The annual interest rate, r = 7% = 0.07
Time , t = 17 years
Number of compounding period per year, m = quarterly = 4
The compound interest can be found from the following formula;
Therefore, by plugging the values of the equation parameters, we have;
Therefore, the amount the $20.000 will be worth in 17 years at compound interest = $65068.443.
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A.
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ancestors.
In the third generation we have 8 ancestors ot
ancestors.
We can see that each succesive generation has two times more members. The sum is:
To calculate number of ancestors we can use formula <span>for the sum of a geometric sequence. Geometric sequence is sequence of numbers that differ by a certain factor. This factor is called ratio. Formula is:
</span>
<span>Where:
S -> sum
a1 -> first member of a sequence
r -> ratio
n -> number of elements
For this question:
a1 = 2
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n = 40
</span>
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b.
1 generation = 25 years
40 generations = 40 * 25 = 1000 years
c.
Total number of people who have ever lived = </span>
Number of ancestors in 40 generations =
The number of ancestors is greater than total number of people who have ever lived. This means that not all ancestors were distinct and that in each generation both men and women had children with more than one partner.
In the first generation we have 2 ancestors.
In the second generation we have 4 ancestors or
In the third generation we have 8 ancestors ot
We can see that each succesive generation has two times more members. The sum is:
To calculate number of ancestors we can use formula <span>for the sum of a geometric sequence. Geometric sequence is sequence of numbers that differ by a certain factor. This factor is called ratio. Formula is:
</span>
<span>Where:
S -> sum
a1 -> first member of a sequence
r -> ratio
n -> number of elements
For this question:
a1 = 2
r = 2
n = 40
</span>
<span>
b.
1 generation = 25 years
40 generations = 40 * 25 = 1000 years
c.
Total number of people who have ever lived = </span>
Number of ancestors in 40 generations =
The number of ancestors is greater than total number of people who have ever lived. This means that not all ancestors were distinct and that in each generation both men and women had children with more than one partner.