Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. Mike's account balance after 21 years is $69,131.44.
<h3>What is compound interest?</h3>
Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. It's the outcome of reinvesting interest rather than paying it out so that interest is received on the principal plus previously collected interest in the next quarter.,
where A is the final amount
P is the principal amount
r is the rate of interest
n is the number of times interest is charged in a year
t is the number of years
The principal amount that Mike invested is $29,000. The rate of interest is 7.24% compounded daily, for 21 years. Therefore, the account balance after 21 years is
= $69,131.44
Hence, Mike's account balance after 21 years is $69,131.44.
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Answer:
125
Step-by-step explanation:
5x5=25
then 25x5=125
Answer:
10 units
Step-by-step explanation:
Given that:
Cos a = 3 /5
From trigonometry ;
Cos θ = Adjacent / hypotenus
Side Adjacent angle a = 3 = FD
Hypotenus = 5 = DE
3 / 5 = FD / DE
FD = 6 units
3/5 = 6/DE
DE * 3/5 = 6
DE = 6 ÷ 3/5
DE = 6 * 5 /3
DE = 30 /3
DE = 10 units
Answer: you could buy 12 magazines
Step-by-step explanation:
each magazine is $2
Answer:
There were 36 space rocks in total.
Step-by-step explanation:
First, you need to find what fraction of the original rocks are silver.
If 2/3 are purple, then 1/3 of them are not.
If 3/4 of the remaining 1/3 are blue, then 3/4 x 1/3 = 3/12 rocks are blue.
2/3 of the rock are purple, 3/12 of them are blue, and the remaining is silver.
So, you need to do 2/3 - 3/12, then find common denominators so, 8/12 - 3/12 which = 1/12.
This means 1/12 of the rocks are silver. If there are silver rocks, you need to find a suitable equation that needs to be solved.
So:
1/12r = 3
r = 36 silver rocks
There were 36 space rocks in total.
hope this helps :)
