1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
fiasKO [112]
3 years ago
8

Tom opens a bank account and makes an initial deposit of $500. The banker tells Tom that he is going to revive an annual rate of

6% on his investment. Find the bank balance assuming Tom leaves the account untouched for 15 years.
Mathematics
2 answers:
daser333 [38]3 years ago
5 0

So for this you will be using an exponential equation, which is y=ab^x with a=initial value, b=growth/decay, y = total balance, and x = # of years


In this case, a = 500, and since with this problem the initial value is growing, you will add 100% to 6% to get 106%, or 1.06. The equation will be formed as such: y=500(1.06)^x


With this problem, just plug in 15 into x and solve for y: y=500(1.06)^{15}\\ y=1198.28


In short, after 15 years Tom will have $1198.28 in his account.

Vedmedyk [2.9K]3 years ago
5 0

Answer:

Tom will have $1,198.28 in 15 years

Step-by-step explanation:

A(t) = P(1 + r/n)^nt

A(15) = 500(1 + 0.06/1)^1(15)

A(15) = 500(1.06)^15

A(15) = 500(2.3965581931)

A(15) = 1198.27909655

A(15) = 1198.28

You might be interested in
Plz help meeeeeeee <br>I need to turn this in today<br>plzzz!!!!!!​
Katarina [22]

Answer:



Step-by-step explanation:

Step 1 Answer: Yes, 3

Step 2 Answer: Yes, 5

Step 3 Answer: No

8 0
2 years ago
Read 2 more answers
Find the amount of interest owned for a $1,895 loan for 4 years at a 7.9% interest rate
scoundrel [369]

Answer:

principal (p)=$1895

time (t)=4years

rate(r)=7.9%

Step-by-step explanation:

  • compound interest amount=p((1+r/100)^t-1)=$1895((1+7.9/100)^4-1)=$1895×((1.355)-1)=$1895×(0.355)=$672.725
  • simple interest=ptr/100=$1895×4×7.9/100=$598.82
3 0
3 years ago
Read 2 more answers
Find Root of:<br>Find √49x25 = ?​
VikaD [51]

Answer:

±35

Step-by-step explanation:

sqrt(49*25)=sqrt(49)*sqrt(25)=±7*±5=±35

7 0
3 years ago
The graph of a function f is shown below. For how many values of x is f(x)=−4? WORTH A LOT
xenn [34]

Answer:

For what value of x is f/x 4?

Answer: f (x) = 4 occurs when x = 0 and f (-2) = 2.

5 0
2 years ago
Read 2 more answers
Emily runs a hotel. She wants to hold a party in the banquet hall of her hotel. The hall has a size of 120,000 square feet. By f
alexira [117]

Answer:

480 People.

Step-by-step explanation:

120,000(0.004) = 480

5 0
3 years ago
Other questions:
  • Ayuda por favor no entiendo esta pregunta?????
    14·1 answer
  • Are integers real numbers?
    10·1 answer
  • How to solve all of these​
    14·1 answer
  • Company A offers a weekly salary of $360 plus a commission of 18% on thier dollar sales volume. Company B offers a weekly salary
    15·1 answer
  • Randi earned a profit of $60.00 on her last snow shoveling and
    9·1 answer
  • A factory puts 2,000 picture frames in each shipment. How many picture frames will the
    13·1 answer
  • The original price of an item was $20.00. It was marked up 25%. What is the new selling price?
    5·2 answers
  • The driveway of the Santiagos' new home is to be bounded by semicircle arcs as shown. The distance from X to Y is 100 ft. The co
    15·1 answer
  • What is 067÷ 32.16?​
    12·2 answers
  • Find the quotient. 800 ÷ 4
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!