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:
$11917.03
Step-by-step explanation:
Use Compound Interest Formula:
A = 7,000 (1 + 0.06/2)^2(9)
Simplify:
A = 7,000(1.03)^18
Solve:
A = $11917.03
Answer:
x=9
Step-by-step explanation:
- -54 + 6x = 6 • (x - 9)
- Solve : 6 = 0
- Solve : x-9 = 0
- Add 9 to both sides of the equation : x = 9
Let Kaya's savings be 30x and Edgardo's savings be 35x
If they both started saving at the same time:
f(x)=30x
f(x)=35x
Now, sub in values for x in to the function starting with 0. Subtract y2-y1 and x2-x1 for both functions.
For slope: m=y2-y1/x2-x1
so your result will be m=30/1=30 for f(x) = 30x
and m=35/1=35 for f(x) = 35x
so the slopes are m=30 and m=35 respectively!
Answer:
Step-by-step explanation:
