$6000 invested at an APR a 4.4% for 20 years what is the balance in the account after 20 years
1 answer:
Answer:
The balance in the account after 20 years will be $11280.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
.
In this problem
We want to find T, when
The first step is find the earnings due to interest. So
Adding to the principal to find the balance
The balance in the account after 20 years will be $11280.
You might be interested in
Answer:
($13,300,$46,900)
Step-by-step explanation:
We are given the following in he question:
Mean, μ = $30,100
Standard Deviation, σ = $5,600
Chebyshev's Theorem:
- According to theorem atleast
percent of data lies within 2 standard deviations of mean.
- For k = 3,
Thus, 89% of data lies within three standard deviation of mean.
Thus, we expect at least 89% of new car prices to fall within ($13,300,$46,900)