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
MariettaO [177]
3 years ago
12

Beginning one month after birth of their son, Noah, the Nelsons deposited $100 each month in an annuity for his college fund. Th

e annuity earned interest at an average rate of 6.8% compounded monthly until his 18th birthday. What was the amount of Noah's college fund on his 18th birthday? Referring to question 4, how much interest did Noah's college fund earn in total on his 18th birthday?
Mathematics
1 answer:
gizmo_the_mogwai [7]3 years ago
8 0

Answer:

$100 * (1 + 6.8%/12)^216 + $100*(1+6.8%/12)^215 + ... + $100*(1+6.8%/12)^1  

Now note that  

x + x^2 + x^3 + ... + x^N = x ( 1 + x + ... + x^(N-1) )  

= x ( (x^N -1)/(x-1) )  

Here, x = 1+6.8%1 = 1.00566666 and N = 216, so  

$100 * ( 1.00566666 ( 1.00566666^216 -1) / 0.00566666 )  

= $ 42398.33  

The total interest earned is $42,398 - $21,600 = $20,798

Step-by-step explanation:

The generic formula used in this compound interest calculator is V = P(1+r/n)^(nt)

V = the future value of the investment

P = the principal investment amount

r = the annual interest rate

n = the number of times that interest is compounded per year

t = the number of years the money is invested for

You might be interested in
Given the formula y = mx + b, what is the slope of a line, m, if x = 5, y = 7, and b =10?
anygoal [31]
The answer is:
C. The slope -3/5
Because -3/5 times 5 is -3 and when you combine -3 and 10 the answer is 7 and 7=7 (the y)
3 0
3 years ago
A recipe for spaghetti sauce requires 4 bottles of ketchup to make 2 gallons. How many bottles of ketchup are needed to make 10
frosja888 [35]

For 10 gallons of sauce, we need 5 times as required for 2 gallons, therefore we need 4 * 5 = 20 bottles of ketchup.

5 0
3 years ago
For the function y = 7 - 3x, what is the ordered pair of x=5?​
Alexeev081 [22]

Answer:

9

Step-by-step explanation:

3 0
3 years ago
Read 2 more answers
The pilgrims and indians had a feast a big feast there was 10 more pilgrims than indians there were 150 people in all how many p
Alexeev081 [22]

X + 10 = 80 pilgrims are in the feast


5 0
3 years ago
30 Points, 5 stars, thanks and Brainliest if answered correctly because I feel generous.
wlad13 [49]

Find the difference between each number:

-24/4 = -6

144/-24 = -6

The next number is multiplied by -6

You have the first 4 terms

5th term = -864 x -6 = 5184

6th term = 5184 x -6 = -31,104

7th term = -31,104 x -6 = 186,624

8th term = 186,624 x -6 = -1,119,744

4 0
3 years ago
Read 2 more answers
Other questions:
  • Is anything bigger than 1 whole?
    9·1 answer
  • A jar if dimes and quarters is worth $4.55. If there are the same number of dimes as quarters, what is the value of only the dim
    8·1 answer
  • A class of 34 children has two more girls than triple the number of boys. How many girls are there in the class?
    8·1 answer
  • can u tell me what this is plz, I think I have worked it out but don't know if it is right: decrease £60 by 20%
    13·2 answers
  • Find the value of this expression if x= 3 x^2+4/x
    11·1 answer
  • PLEASE HELP!!!!
    7·1 answer
  • The lenght of a rectangle is 4 centimeters less than twice its width. The perimeter of the rectangle is 34 cm .what are the dime
    7·1 answer
  • What are the values of m and 0 in the diagram below?
    6·1 answer
  • Need help with this ASAP
    7·1 answer
  • Whats the answer.......
    8·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!