All categories

2 years ago

How much money has to be invested at 2.3% interest compounded continuously to have $41,000 after 17 years?

1 answer:

7 0

For this, we have to calculate how much money has to be invested at 2.3% interest compounded continuously to achieve $41,000 after 17 years

Formula: A= P * ( 1+r)^t
A= $41,000
r=0.023
t= 17
41,000= P * (1+0.023)^17
41,000= P * (1.023)^17
41,000= P * 1.4719
P= 41,000 : 1.4719
P= $27,731.59
Therefore, the answer is C. $27,731.59
I checked by doing the opposite, and I got $41,000.01, which is the closest to the question

You might be interested in

Describe the end behavior of the function WILL VOTE BRAINIEST !!!!!!

Levart [38]

Answer:

The end behavior would be "falls to the left and falls to the right"

Step-by-step explanation:

3 0

2 years ago

Find the value of x and y

Inessa [10]

Answer: D. x=9√3; y=18

Step-by-step explanation:

This is a 30-60-90 special triangle, where we can use the rules to find the value of x and y. (For specific explanation, please look at the attachment below)

-----------------------------------------------------------------------------------------------------

X value

- The shortest side of the triangle that corresponds with [x] is 9 units. This is because it is half of the larger triangle's side length.

- Using the rules, the shortest side is x, then the second short side is x√3

- Substitute value in= x√3=(9)√3=9√3

Y value

- The shortest side of the triangle that corresponds with [x] is 9 units. This is because it is half of the larger triangle's side length.

- Using the rules, the shortest side is x, then the longest side is 2x

- Substitute value in= 2x=2(9)=18

Hope this helps!! :)

Please let me know if you have any questions

3 0

2 years ago

Tony has $727.29 in his checking account. He must maintain a $500 balance to avoid a fee. He wrote a check for $248.50 today. Wr

Y_Kistochka [10]

727.29 - 248.50 = 478.79

500-478.79 = 21.21

$21.21 is the least amount of money he needs to deposit

7 0

2 years ago

Read 2 more answers

The bike store marks up the wholesale cost of all of the bikes they sell by 30%. Andre wants to buy a bike that has a price tag

Step2247 [10]

Answer:

$96.15

Step-by-step explanation:

Given data

markup = 30%

cost price= $125

let the cost price before markup be x

125-30/100*x= x

125-0.3x= x

125= x+0.3x

125= 1.3x

divide both sides by 1.3

x= 125/1.3

x= $96.15

Hence the price before markup is $96.15

6 0

2 years ago

According to the document Current Population Survey, published by the U.S. Census Bureau, 30.4% of U.S. adults 25 years old or o

Marizza181 [45]

Answer:

0.0803 = 8.03% probability that the number who have a high school degree as their highest educational level is exactly 32.

Step-by-step explanation:

For each adult, there are only two possible outcomes. Either they have a high school degree as their highest educational level, or they do not. The probability of an adult having it is independent of any other adult. This means that the binomial probability distribution is used to solve this question.

Binomial probability distribution

The binomial probability is the probability of exactly x successes on n repeated trials, and X can only have two outcomes.

$P(X = x) = C_{n,x}.p^{x}.(1-p)^{n-x}$

In which $C_{n,x}$ is the number of different combinations of x objects from a set of n elements, given by the following formula.

$C_{n,x} = \frac{n!}{x!(n-x)!}$

And p is the probability of X happening.

30.4% of U.S. adults 25 years old or older have a high school degree as their highest educational level.

This means that $p = 0.304$

100 such adults

This means that $n = 100$

Determine the probability that the number who have a high school degree as their highest educational level is a. Exactly 32

This is P(X = 32).

$P(X = x) = C_{n,x}.p^{x}.(1-p)^{n-x}$

$P(X = 32) = C_{100,32}.(0.304)^{32}.(0.696)^{68} = 0.0803$

0.0803 = 8.03% probability that the number who have a high school degree as their highest educational level is exactly 32.

7 0

2 years ago