3 years ago

Helphelphelphelphelp

1 answer:

7 0

5/16x24/15

Reduce the number with greatest common divisor 5

1/16x24/3

Reduce the numbers with greatest common divisor 8

1/2x3/3

Reduce the numbers with greatest common divisor 3

1/2

Answer
1/2

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2 years ago

Julien's parents want $64,000 at the end of 3 years. They put their money in an account that yields 10% per year compounded mont

Leto [7]

Answer: $\$47,471$

Step-by-step explanation:

Given

Julien's parents want $64,000 at the end of 3 years

The rate of interest is 10% annually

Suppose they invested P amount initially

So, compound interest, compounded monthly is

$\Rightarrow A=P\left( 1+\frac{r}{n}\right)^{nt}\quad [\text{n=Numner of compounding periods}]\\\\\text{Insert the values}\\\Rightarrow 64,000=P\left( 1+\frac{0.10}{12}\right)^{12\times 3}\\\\\Rightarrow 64,000=P\left( 1+\frac{10}{12}\right)^{36}\\\\\Rightarrow P=\dfrac{64000}{1.3481}\\\\\Rightarrow P=\$\ 47,471.37\approx \$ 47,471$