Answer:
The principal investment required to get a total amount of $ 1,000,000.00 from compound interest at a rate of 6% per year compounded 12 times per year over 45 years is $ 67,659.17.
Step-by-step explanation:
Given
- Accrued Amount A = $1000000
- Interest rate r = 6% = 0.06
- Compounded monthly n = 12
To determine:
Using the formula
substituting A = 1000000, r = 0.06, t = 45, and n = 12
$
Therefore, the principal investment required to get a total amount of $ 1,000,000.00 from compound interest at a rate of 6% per year compounded 12 times per year over 45 years is $ 67,659.17.
Answer:
the answer is approximately 6.047
In slope-intercept form, we have these values (y = mx + b):
m = slope
b = y-intercept
Change the equation from standard form to slope-intercept form.
-9x + 7y = 28
-9x + 9x + 7y = 28 + 9x
7y = 28 + 9x
7y/7 = 28/7 + 9x/7
y = 4 + 9/7x
y = 9/7x + 4
Therefore, the y-intercept is 4.
Best of Luck!