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vesna_86 [32]
4 years ago
14

Sam retirement savings account pays 7% annual interest compound monthly. He invests $15,000 in the account when he is 25 years o

ld. How much will he have for retirement when he is 65?
Mathematics
1 answer:
vlabodo [156]4 years ago
8 0

Answer:he will have $244665 in his account when he retires.

Step-by-step explanation:

He invests $15,000 in the account when he is 25 years old. This means that the principal

P = 15000

It was compounded monthly. This means that it was compounded 12 times in a year. So

n = 12

The rate at which the principal was compounded is 7%. So

r = 7/100 = 0.07

He left the money till he retired at the age of 65. So

t = 65 - 25 = 40 years

The formula for compound interest is

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

A = total amount in the account at the end of t years. Therefore

A = 15000 (1+0.07/12)^12×40

A = 15000 × 16.311

A = $244665

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3 years ago
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3 years ago
10 points please answer correctly (due soon)
luda_lava [24]

The exponential equation of the model is A(t) = 2583 * 0.88^t and the multiplier means that the number of new cases in a week is 88% of the previous week

<h3>The function that models the data</h3>

The given parameters are:

New, A(t) = 2000

Rate, r = 12%

The function is represented as:

A(t) = A * (1 - r)^t

So, we have:

2000 = A * (1 - 12%)^t

This gives

2000 = A * (0.88)^t

2 weeks ago implies that;

t = 2

So, we have:

2000 = A * 0.88^2

Evaluate

2000 = A * 0.7744

Divide by 0.7744

A = 2583

Substitute A = 2583 in A(t) = A * 0.88^t

A(t) = 2583 * 0.88^t

Hence, the exponential equation of the model is A(t) = 2583 * 0.88^t

<h3>The interpretation of the multiplier</h3>

In this case, the multiplier is 88% or 0.88

This means that the number of new cases in a week is 88% of the previous week

Read more about exponential equation at

brainly.com/question/2456547

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8 0
2 years ago
I know I haven't been on this app for a long time but can ya'll help me
kramer

Answer:

2774

Step-by-step explanation:

start by multiplying 2 by 7, the answer is 14 put the 1 above the 8 in 1387 then put the 4 under the equation, similar to addition. repeat but next time when you multiply 2 by 8 add the 1 (from the previous multiplication) to the answer under and put the 1 from 17 on top of the 3. you get it?

8 0
3 years ago
Wilbur runs 3.2 km every morning how many feet are in 3.2 km given that 1 mile = 1.609 km and 1 mile = 5,280
Nonamiya [84]
1.609/5280 = 3.2/x....1.609 km to 5380 ft = 3.2 km to x ft
cross multiply because this is a proportion
(1.609)(x) = (5280)(3.2)
1.609x = 16896
x = 16896/1.609
x = 10,500 ft <===
5 0
4 years ago
Read 2 more answers
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