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
Valentin [98]
3 years ago
14

Dane is investing $150,000 for 30 years at an annually compounded rate of 5.5%. What is the difference between his ending accoun

t balance if he finds an investment that offers 6.5% instead?
Mathematics
1 answer:
navik [9.2K]3 years ago
7 0
<span>Total = Principal × ( 1 + Rate )<span>^years
</span></span><span>Total = 150,000 * (1.055) ^ 30
</span>Total = 150,000 * <span> <span> <span> 4.9839512884
</span></span></span>Total = <span> <span> <span> 747,592.69</span></span></span>

<span>Total = 150,000 * (1.065) ^ 30
</span><span><span><span>Total = 150,000 * 6.614366163 </span> </span> </span>
<span>Total = 992,154.92</span>

Difference = 992,154.92 -<span>747,592.69 =
</span><span>244,562.23 </span>

Source:
http://www.1728.org/compint.htm
online interest calculator



You might be interested in
A family has two cars. the first car has a fuel efficiency of 40 miles per gallon of gas and the second has a fuel efficiency of
Aliun [14]
Let x and y represent the numbers of gallons used by the 40 mpg and 35 mpg cars, respectively.
.. x +y = 40 . . . . . . . . . . .total consumption is 40 gallons
.. 40x +35y = 1525 . . . . total miles driven = 1525

Multiply the first equation by 40 and subtract the second.
.. 40(x +y) -(40x +35y) = 40(40) -(1525)
.. 5y = 75
.. y = 15
.. x = 40 -15 = 25

The 40 mpg car consumed 25 gallons.
The 35 mpg car consumed 15 gallons.
7 0
3 years ago
Find distance between parallel lines given equations in 3d
Lena [83]
Does it have an image?
6 0
3 years ago
A bag contains 10 red balls, 5 blue balls and 7 green balls. Find the probability of selecting at random
Masteriza [31]

Answer:

Probably red ball because it has higher amount

4 0
2 years ago
Read 2 more answers
Joe gained 5 pounds. John gained 14 pounds. Jordan lost 20 pounds. Josh lost 11 pounds. Who had the biggest change in weight? A.
photoshop1234 [79]

Answer:I think Jordan is this a trick question

Step-by-step explanation:

8 0
2 years ago
Read 2 more answers
Please help only have a minute to answer. NO WORK NESSACARY. Thanks.
Ymorist [56]

Answer is the third one. It is the only answer where all points work in the equation.

Answer: third choice

7 0
3 years ago
Read 2 more answers
Other questions:
  • Which ordered pair is in the solution set of the system of linear inequalities? y &gt;3/2 x – 1 y &lt;3/2 x – 1 (–5, 2) (2, 2) (
    12·2 answers
  • What is the nth term rule of the linear sequence below?<br> 6,13, 20, 27, 34, ...
    10·1 answer
  • Calculate the circumference of the inscribed circle. [Use π = 3.14]
    14·2 answers
  • Write -0.5 repeat as a fraction in simplest form
    11·1 answer
  • (k – 3)(k + 2) for k = 1
    14·1 answer
  • Use the graphs of the transformed toolkit functions to write a formula for each of the resulting functions.
    15·1 answer
  • Which of the following expresses the possible number of positive real solutions for the polynomial equation shown below?
    10·1 answer
  • A farmer receives a shipment of 40 1/2 kilograms of animal food. The animal food comes in bags weighing 13 1/2. What is the valu
    5·1 answer
  • The volume of a gas in cubic centimeters, V, varies inversely with the
    11·1 answer
  • Alonso leans a 28-foot ladder against a wall so that it forms an angle of 65° with the
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!