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crimeas [40]
3 years ago
11

Luanne wants to have $3275 in her bank account in 10 years. How much money should she deposit if her account earns 7.5% interest

which is compounded every month?
A. $1589.01
B. $2159.45
C. $1921.53
D. $1550.62
Mathematics
2 answers:
Mekhanik [1.2K]3 years ago
8 0
A. $1589.01

I solved this by a simple trial and error by inputing each answer into the equation.
Ray Of Light [21]3 years ago
3 0
Total = Principal * (1 + rate/12)^years*12
Solving for Principal
Principal = Total / (1 + rate/12)^years*12
Principal = $3,275 / (1<span>.00625)^120
</span>Principal = $3,275 / <span> <span> <span> 2.1120646371 </span>
</span></span>Principal = <span> <span> <span> 1,550.6</span></span></span>2
And here's a calculator to check that answer:
http://www.1728.org/compint.htm


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23)

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\bf \cfrac{5}{6}~~=~\left( \cfrac{5}{6}\times \cfrac{7}{7} \right)

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Read 2 more answers
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