Using compound interest, it is found that he must deposit $56,389.
Compound interest:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
- t is the time in years for which the money is invested or borrowed.
In this problem:
- Hopes to have $80,000 in 20 years, thus
. - Interest rate of 1.75%, thus
. - Compounding monthly, thus
- The investment is of P, for which we have to solve.
Then:
He must deposit $56,389.
A similar problem is given at brainly.com/question/25263233
Answer:
D
Step-by-step explanation:
Distributive property: a(b + c) = ab + ac
4n - 2 - 2n = 2(2n - 1 - n)
4n - 2 - 2n = 2n - 2 = 2(n - 1)
Answer:
y = x - 2
Step-by-step explanation:
Parallel lines have the same slope, so the line will also have a slope of 1.
Plug in the slope and given point into y = mx + b to solve for b:
y = mx + b
-1 = 1(1) + b
-1 = 1 + b
-2 = b
Plug in b and the slope into y = mx + b
y = x - 2 is the equation
<span>The correct answer is option D. i.e. 15,659,999. Now, this number is closest to the given number i.e. 15,700,000. Becuase when 659 is rounded to the nearest number of hiher value then its value will be 700. Thus,15,659, 999 rounds to 15,700,000 when rounded to the nearest hundred thousand.</span>
