Mercury: 2.44 × 103 kilometers
Mars: 3.39 × 103 kilometers
Venus: 6.05 × 103 kilometers
Earth: 6.37 × 103 kilometers
Neptune: 2.46 × 104 kilometers
Uranus: 2.54 × 104 kilometers
Saturn: 5.82 × 104 kilometers
Jupiter: 6.99 × 104 kilometers

3 0

2 years ago

Read 2 more answers

What lump sum do parents need to deposit in an account earning 9%, compounded monthly, so that it will grow to $100,000 for thei

gogolik [260]

Answer:

They need to deposit $31,172.49

Step-by-step explanation:

The compound interest formula is given by:

$A = P(1 + \frac{r}{n})^{nt}$

Where A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time the money is invested or borrowed for, in years.

In this problem

We want to find P for which $A = 100000$ when $r = 0.09, n = 12, t = 13$