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
Solve the following -1/2x(8x +4)
antoniya [11.8K]

Combine like terms to get -4x^2-2x

3 0
3 years ago
20 POINTS
noname [10]

Answer:

EXAMPLE

Pete bought a shirt on sale for $

18

18, which is one-half the original price. What was the original price of the shirt?

Solution:

Step 1. Read the problem. Make sure you understand all the words and ideas. You may need to read the problem two or more times. If there are words you don’t understand, look them up in a dictionary or on the Internet.

In this problem, do you understand what is being discussed? Do you understand every word?

Step 2. Identify what you are looking for. It’s hard to find something if you are not sure what it is! Read the problem again and look for words that tell you what you are looking for!

In this problem, the words “what was the original price of the shirt” tell you what you are looking for: the original price of the shirt.

Step 3. Name what you are looking for. Choose a variable to represent that quantity. You can use any letter for the variable, but it may help to choose one that helps you remember what it represents.

Let

p

=

p= the original price of the shirt

Step 4. Translate into an equation. It may help to first restate the problem in one sentence, with all the important information. Then translate the sentence into an equation.

The top line reads:

Step 5. Solve the equation using good algebra techniques. Even if you know the answer right away, using algebra will better prepare you to solve problems that do not have obvious answers.

Write the equation.

18

=

1

2

p

18=12p

Multiply both sides by 2.

2

⋅

18

=

2

⋅

1

2

p

2⋅18=2⋅1

Step 3. Name what you are looking for. Choose a variable to represent that quantity. You can use any letter for the variable, but it may help to choose one that helps you remember what it represents.

Let

p

=

p= the original price of the shirt

Step 4. Translate into an equation. It may help to first restate the problem in one sentence, with all the important information. Then translate the sentence into an equation.

The top line reads:

Step 5. Solve the equation using good algebra techniques. Even if you know the answer right away, using algebra will better prepare you to solve problems that do not have obvious answers.

Write the equation.

18

=

1

2

p

18=12p

Multiply both sides by 2.

2

⋅

18

=

2

⋅

1

2

p

2⋅18=2⋅12p

Simplify.

36

=

p

36=pStep 6. Check the answer in the problem and make sure it makes sense.

We found that

p

=

36

p=36, which means the original price was

$36

$36. Does

$36

$36 make sense in the problem? Yes, because

18

18 is one-half of

36

36, and the shirt was on sale at half the original price.Step 7. Answer the question with a complete sentence.

The problem asked “What was the original price of the shirt?” The answer to the question is: “The original price of the shirt was

$36

$36.”

If this were a homework exercise, our work might look like this:

The top reads,

TRY IT

Step-by-step explanation:

<em>#CarryOnLearning</em>

4 0
2 years ago
Describe how the graph of y= x – 12 is like the graph of y= x and how it is different
puteri [66]
The two graphs have the same slope.  But the graph of <span>y= x – 12 is 12 units below the graph of y = x.  We call that a "vertical translation."

</span>
6 0
3 years ago
Please help due in 5 minutes !
SpyIntel [72]
The first option is correct
4 0
3 years ago
Read 2 more answers
HELP<br> Pre-algebra<br> Not understanding :/
Contact [7]
The answer will end up being c
7 0
2 years ago
Other questions:
  • Factor this completely<br><br> P(x)=x^4-256
    10·1 answer
  • The table shows the low temperatures in Alto for 5 days.What is the average low tempreature
    5·1 answer
  • What the answer to number 6
    6·2 answers
  • A ball is thrown into the air with an upward velocity of 20 feet per second. Its height, h, in feet after t seconds is given by
    14·1 answer
  • A parabolic listening device is shaped such that the depth of the bowl depends on its radius and can be represented by the curve
    5·2 answers
  • Given: ∆ABC, m∠C = 90° CB = 8, m∠B = 38º Find the area of a circumscribed circle. Find the area of the inscribed circle.
    5·1 answer
  • Use the order of operations to simplify 4 + 15 = 5<br>A 24 4/5<br>B 19 2/5<br>C 7 2/5 <br>D 8​
    7·1 answer
  • 7≥12−g solve for inequality<br> Plzz help me Its from khan academy
    9·2 answers
  • √x²-10x+25 if -5≤x&lt;5
    12·1 answer
  • Help me calculate the perimeter of this shape!
    9·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!