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
miss Akunina [59]
3 years ago
13

Marcus receives an inheritance of $12,000. He decides to invest this money in a 13-year certificate of deposit (CD) that pays 4.

0% interest compounded monthly. How much money will Marcus receive when he redeems the CD at the end of the 13 years?
Marcus will receive $__?
Mathematics
1 answer:
Nady [450]3 years ago
3 0
Hello! The formula for finding compound interest is A = P(1 + r/n)^nt. That means divide the rate by the amount of times compounded per year, add 1 into that, with the exponent, combine how many times it would be compounded overall and then put the percentage up into a power and multiply by the principal. In other words. r = rate, n = number of times compounded each year, t = time, and P = principal. Principal is the initial amount in the account. It's a bit confusing, but let's do this step by step. If you know the solve this by step, it will help you later on.

How to solve this problem:

First off, to solve this and for compound interest problems in general, you will need a calculator. Okay, so the interest is compounded monthly at 4%, which means it will be compounded 12 times per year. Let's do the parenthesis first. do 4% (0.04) divided by 12 to get 0.003333333. You should have a number like this shown on calculator. Now, add 1 to it to get 1.003333333. Leave that number on your calculator. Now, with a scrap sheet of paper or a separate calculator, let's solve to see what number our exponent is. We use the values of n and t. In this case, n = 12, and t = 13. Multiply both numbers together to get our exponent. 12 * 13 is 156. So you will multiply 1.003333333 to the 156th power. Now, on your calculator with the long decimal, raise it up to the 156th power. When you do that, you should get a decimal with the digits 1.680573752. Leave that decimal on your calculator. Now, multiply that by the principal (12,000). When you do, you get 20,166.88502 or 20,166.89 when rounded to the nearest hundredth. At the end of 13 years, Marcus will receive $20,166.89.
You might be interested in
\Which expression is equivalent to Negative 2 and one-fourth divided by negative two-thirds?
eduard

Answer:

See below

Step-by-step explanation:

Not sure which answer it is because it did not translate well

(2 1/4 ) / (-2/3)    =   (9/4) / ( -2/3)  =  9/4   *  (-3/2)   = -27/8    <====maybe your answer is in there somewhere?

4 0
1 year ago
For a function p(x), as |x|—&gt; infinity then p(x)—&gt; 3. Which of the following graphs could be p(x)?
VladimirAG [237]

Answer:

D

Step-by-step explanation:

A pe x the answer is d

7 0
3 years ago
What type of poem is most likely to narrate a story
Genrish500 [490]

Answer:

Probably the most basic categories of poetic forms are narrative, lyric and descriptive poems. Narrative poetry tells a story. It combines poetic techniques, such as rhyme and alliteration, with the elements of fiction, such as characters and a recognizable plot.



5 0
3 years ago
Which expression best represents the product of quantities a, b, and H?
Aleks [24]

Answer:

C) abH

Step-by-step explanation:

a × b × H

= abH

The answer is option C

5 0
3 years ago
One day in the playground,the ratio of the number of boy to the number of girl is 3:5 later 6girls come, 9boy leave, the ratio o
choli [55]

Answer:

The number of boys are 18 and the number of girls are 30.

Step-by-step explanation:

The ratio of number of girls to the boys = 3 : 5

Let the number of girls is g and boys is b initially.

b : g = 3 : 5

5 b = 3 g ..... (1)

Now, girls are 6 + g and boys are b - 9

So, the ratio is

(b - 9) : (6 + g) = 1 : 4

4 b - 36 = 6 + g

4 b - g = 42 .... (2)

From ( 1 ) and ( 2 )

4 b - \frac {5 b}{3}= 42\\\\\frac{7 b }{3} = 42\\\\b = 18

And , g = 5 x 18/3 = 30

So, the number of boys are 18 and the number of girls are 30.  

7 0
3 years ago
Other questions:
  • What is 3 multiplied by 5/8 as a mixed number
    5·2 answers
  • Someone help me with this. 10 points for this !!!
    9·1 answer
  • Evalute the expression. 2(2+4)^0+3(18+6)^0<br> A) 0<br> B) 1<br> C) 2<br> D) 5
    7·2 answers
  • R o b s y o u r h o u s e c u t e l y
    5·1 answer
  • HELP ASAP!!
    12·1 answer
  • Suppose you make coffee and it starts off just too hot to drink, so you put it in the refrigerator temporarily to cool it off. I
    6·1 answer
  • The radicand is the value inside of the radical.<br> O True<br> O False
    6·1 answer
  • If TV = 14х – 8, find TU <br> 15 POINTS!!!!!!!! Answer ASAP
    7·2 answers
  • find the length of DE if D is between points C and E, CD = 6.5 centimeters, and CE = 13.8 centimeters.
    9·1 answer
  • Football boot sizes of a football team continuous or discrete
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!