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
Brrunno [24]
3 years ago
9

Tom opens a bank account and makes an initial deposit of $15,000. The banker tells Tom that he is going to receive an annual rat

e of 3.5% on his investment. Find the bank balance assuming Tom leaves the account untouched for 15 years. In your final answer, include all of your calculations.
Mathematics
2 answers:
snow_tiger [21]3 years ago
5 0
Well if the interest is compounding  yearly at 3.5% the amount would be $25,130.23
kenny6666 [7]3 years ago
3 0

Answer:

His balance will be $ 25,130.232( approx )

Step-by-step explanation:

Since, the future value of an amount that is increasing per period,

A=P(1+r)^t

Where, P is the principal amount,

r is the rate per period ( in decimal ),

t is number of periods,

Here, P = $ 15000,

r = 3.5 % = 0.035,

t = 15 years,

By substituting the values in the above formula,

The Tom's bank balance after 15 years is,

A=15000(1+0.035)^{15}

=15000(1.035)^{15}

=15000(1.67534883075)

=\$25130.2324613\approx \$25130.232

You might be interested in
True or false X times X times X times X times X equals 5X
nevsk [136]

Answer:

false

Step-by-step explanation:

X times X times X times X times X equals X^5 not 5X

4 0
3 years ago
Read 2 more answers
The owner of a fish market has an assistant who has determined that the weights of catfish are normally distributed, with mean o
Elis [28]
<span>mean of 3.2 pounds and standard deviation of 0.8 pound</span>
5 0
3 years ago
5. a) Find the difference between the place values of two 5's in 95237508.​
gogolik [260]

Answer:

4999500

Step-by-step explanation:

first 5 = 5000000

second 5 = 500

difference = 5000000-500

4 0
3 years ago
The LA Dodgers hit the most homeruns in 2014. The number of homeruns accounted for 6% of the entire major League baseball homeru
disa [49]

Answer:

35 homeruns

Step-by-step explanation:

583*0.06=349.8-->34.98-->35

8 0
3 years ago
Read 2 more answers
Melanie is making a piece of jewelry that is in the shape of a right triangle. The two shorter sides of the piece of jewelry are
ollegr [7]
Using Pythagoras’ theorem a2 + b2 = c2 you can find out the third (longest) side. (6x6) + (8x8) = 100 (the square root of 100 is 10) so ur final sum is 6+8+10 = 24 mm
5 0
2 years ago
Other questions:
  • What is 181/92 as a mixed number
    10·2 answers
  • Find the greatest common factor of 15/40
    6·2 answers
  • What two ratios are equivalent to 11/12
    12·2 answers
  • Which angles are corresponding angles?
    5·1 answer
  • brodrick answered 21 of the 25 questions of his history correctly. what decimal represents the fraction of problems he answered
    7·2 answers
  • 6. Sammi spun a spinner with 5 equal parts labeled 1-5. If she spins the spinner 20 times, how many times should she expect to s
    9·1 answer
  • What inverse operations do you use to solve for b?<br><br> -9 = -11 + b/8
    15·1 answer
  • Please help!!! i’ll give brainlyest The graph of the step function g(c) = -[x] + 3 is shown. What is the domain of g(x)?
    13·2 answers
  • I need help please and ty 2 questions in math for a lot of points
    6·1 answer
  • 9) How much ice cream can the sugar cone hold if
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!