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
You might be interested in
Answer:
36
20 percent * 180 =
(20:100)* 180 =
(20* 180):100 =
3600:100 = 36
Now we have: 20 percent of 180 = 36
Question: What is 20 percent of 180?
Percentage solution with steps:
Step 1: Our output value is 180.
Step 2: We represent the unknown value with $x$.
Step 3: From step 1 above,$180=100\%$.
Step 4: Similarly, $x=20\%$.
Step 5: This results in a pair of simple equations:
$180=100\%(1)$.
$x=20\%(2)$.
Step 6: By dividing equation 1 by equation 2 and noting that both the RHS (right hand side) of both
equations have the same unit (%); we have
$\frac{180}{x}=\frac{100\%}{20\%}$
Step 7: Again, the reciprocal of both sides gives
Step-by-step explanation:
Hope it is helpful.....
