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
yuradex [85]
3 years ago
7

Ann and Tom want to establish a fund for their​ grandson's college education. What lump sum must they deposit at an 8.2​% annual

interest​ rate, compounded annually, in order to have ​$20,000 in the fund at the end of 15​years?
Mathematics
2 answers:
GaryK [48]3 years ago
7 0
Compound interest formula = a=P(1+r/n)^nt

P= lump sum to deposit (solving for)

A= amount accumulated over the entire time (20000)

n= number of times interest is compounded annually (1)

r= rate of interest (0.82)

T= total number of years (15)

20000=P(1+0.082/1)^1*15

20000=P(1.082)^15
20000=P(3.26143638)
20000/3.26143638=P
P=$6132.2674
dybincka [34]3 years ago
5 0
Compound interest formula = a=P(1+r/n)^nt

P= lump sum to deposit (solving for)

A= amount accumulated over the entire time (20000)

n= number of times interest is compounded annually (1)

r= rate of interest (0.82)

T= total number of years (15)

20000=P(1+0.082/1)^1*15

20000=P(1.082)^15
20000=P(3.26143638)
20000/3.26143638=P
P=$6132.2674
You might be interested in
Which is not a proportion???​
frez [133]

The answer is C. C is not a proportion.

Hope this helps!

5 0
2 years ago
Read 2 more answers
NEED HELP PLS thank u
Mandarinka [93]
Hey I can help. Do u still need it?
7 0
3 years ago
Read 2 more answers
A quadratic equation is shown. (x + 6)(x + 2) = x
saveliy_v [14]

Answer:

Option : A

Step-by-step explanation:

Hope it helps you!

7 0
2 years ago
A textbook in the college bookstore had an original price of $185.50. Since then the inflation rate has been 4%. Find the curren
lbvjy [14]
So you want to multiply 185.5 by 1.04 to get the 4% inflation. if you do that then you get 192.92
8 0
3 years ago
Read 2 more answers
What integer is equivalent to 9 ^3/2
pashok25 [27]
I think it would be 10.5, although I'm not sure I hope this helps
4 0
3 years ago
Other questions:
  • If using the method of completing the square to solve the quadratic equation x^2+17x+12=0x 2 +17x+12=0, which number would have
    5·2 answers
  • Need help in algebra fast <br> Please help
    15·1 answer
  • Every evening Jenna empties her pockets and puts her change in a jar. At the end of the week she counts her money. One week she
    14·1 answer
  • Han and Tyler are following a polenta recipe that uses 5 cups of water for every 2 cups of cornmeal.
    13·2 answers
  • You decide to rent part of a building for your shop location.your land lord charges you a 1,200 security deposit fee and the res
    7·1 answer
  • Sammi has $125.75 in her savings account. She deposits $25.50 into the account each month for the next 6 months. How much is in
    11·1 answer
  • Reese is selling lemonade at the parade. He gets to keep 30% of the money he collects. A large lemonade is $4.00 and a small lem
    13·1 answer
  • Please help! I will give Brainliest!
    9·2 answers
  • Look at the attachment, and please answer my question, thanks!
    6·2 answers
  • Mr.krabs sold a total of 29 krabby patties and krabby shakes. krabby patties cost $3 each while krabby shakes cost $2 each and h
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!