Rob invests $3,715 in a retirement account
1 answer:
Answer:
$14,048.62
Step-by-step explanation:
The interest is 9% per year and compounded 3 times a year, so each compound will be 9%/3 = 3%
The time elapsed will be 15 years and the interest compounded 3 times a year, so the number of compounds happens will be = 15 years* 3 compounds/year= 45x compound.
So basically the money will get 3% interest 45 times. To put into the compounding interest formula, the final account balance will be:
A = P (1 + [ r / n ]) ^ nt
A= amount of the balance after a period of t
P= principal, the initial money deposit( $3,715)
r= rate(9%)
n= number of compound per unit of time(3 times per year)
t= time(15 years)
The calculation will be:
A = P (1 + [ r / n ]) ^ nt
A =
A = $14,048.62
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Answer:
Step-by-step explanation:
Given that:
Same distance is drilled by the oil drilling company for 5 days.
Initial elevation = 121.175 feet
Final elevation = -246.875 feet
To find:
The equation to find the value of i.e. the distance drilled each day?
Solution:
To find the distance drilled each day, we need to divide the total distance drilled with the number of days taken to drill the total distance.
Total distance drilled can be found by subtracting the initial elevation from the final elevation and taking modulus because distance can not be negative.
Total distance drilled = | Final elevation - Initial elevation |
Total distance drilled = | -246.875 - 121.175 |
Therefore, we can write the expression as: