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masya89 [10]
3 years ago
11

 Kyle has ​$900 in cash received for high school graduation gifts from various relatives. He wants to invest it in a certificate

of deposit​ (CD) so that he will have a down payment on a car when he graduates from college in five years. His bank will pay 4​% per​ year, compounded​ annually, for the​ five-year CD. How much will Kyle have in five years to put down on his​ car?
In five years, the amount Kyle will have to put down in his car is $__
Mathematics
1 answer:
poizon [28]3 years ago
7 0

Given that Kyle has received 900$ in cash as a gift and Kyle wants to invest that money in CD with 4% compound interest which is being compounded annually.

That means interest rate = 4% = \frac{4}{100} = 0.04 in decimals.

Since interest is compounded annually, we have to use compound interest formula.

That is amount after time t is A= P(1+\frac{r}{n}) ^{nt}

Where P- initial amount = 900

           r= rate of interest in decimals = 0.04

           n= number of times interest is compounded per year = 1

           t= number of years the money is invested = 5

Hence A = 900(1+\frac{0.04}{1} )^{1*5}  = 900(1.04)^{5}

                                                                     = $1094.9876

So, at the end of five year period, Kyle will have 1094.9876$ to put down in his car.

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you and your mom enter drawing with three different prices the prizes are awarded at random is a total of 8 people entered the d
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<h3>What are permutation and combination?</h3>

A permutation is an act of putting things or elements in the right sequence. Combinations are a method of picking things or pieces from a collection of objects or sets when the sequence of the objects is irrelevant.

You and your mom enter the drawing with three different prices the prizes are awarded at random is a total of 8 people entered the drawing.

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More about the permutation and the combination link is given below.

brainly.com/question/11732255

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