Answer:
$10,234.31
Step-by-step explanation:
A suitable financial calculator or spreadsheet can evaluate the future value function for you. It will tell you that $10,234.31 must be deposited today to have $13,000 in three years, when interest is 8% compounded monthly.
__
You are solving for P:
13000 = P(1 +0.08/12)^(12×3)
P = 13000/(1 +0.08/12)^36 ≈ 10,234.31
Answer:
Step-by-step explanation:
Using the formula for the growth of investment:
.....[1]
where,
A is the amount after t year
P is the Principal
r is the growth rate in decimal
As per the statement:
Scott invests $1000 at a bank that offers 6% compounded annually.
⇒P = $1000 and r = 6% = 0.06
substitute these in [1] we get;
⇒
Therefore, an equation to model the growth of the investment is,
Equation would be: Y = 25 + 5x
Where, x = number of weeks
So, when x = 1, Y = 25 + 5(1) = 25+5 = 30
When x = 2, Y = 25 + 5(2) = 25 + 10 = 35
x = 3, Y = 25 + 5(3) = 25 + 15 = 40
So, Mark the coordinates: (0, 25), (1, 30), (2, 35), (3, 40), (4, 45), (5, 50)...
And draw a line...Graph is done!
Hope this helps!
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