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
Hunter-Best [27]
2 years ago
7

Penny received an unexpected $5,000.00 gift from a distant relative. She invests it in a mutual fund that increases the value of

the original investment by 8% each year. In 15 years, Penny hopes to have $40,000 available to make a down payment on a house. How much would she need to invest right now in order to have enough for her down payment in 15 years?
Mathematics
1 answer:
dusya [7]2 years ago
3 0

Answer:

Penny would need to put in ~ $18,181.82

Step-by-step explanation:

Using the equation A = P(1+rt)

Where A = the total

P is equal to the starting amount

r is equal to the rate (percent)

and t is equal to the total time.

We can put in:

A = $40,000

r = 0.08 (8%)

t = 15

40,000 = P(1 +(0.08* 15))\\40,000 = P(1+1.2)\\40,000 = P(2.2)\\\frac{40,000}{2.2} = P\\ \frac{200,000}{11} = P\\P = $18181.8181818181...

Round to the nearest whole cent

P = $18,181.82

You might be interested in
A solid oblique pyramid has a square base with an edge length of 2 cm. Angle BAC measures 45°.
horrorfan [7]

Answer: 4.8cm^3

Step-by-step explanation:

2020 edge

hope this helps

6 0
3 years ago
Read 2 more answers
Find the sum 2/8 - 7/11<br>argent pls​
const2013 [10]
The answer you are looking for is -17/44
5 0
2 years ago
Read 2 more answers
Help ASAP plzzzzzzzzzz
Grace [21]

Answer:

what do u need help with

Step-by-step explanation:

there's no picture

3 0
3 years ago
Read 2 more answers
Simone builds a simple spinning engine by inserting straws through holes in a plastic cup. She then suspends the cup from a meta
Zinaida [17]
D. It is smaller In magnitude
3 0
3 years ago
Decreasing 40 to 20 is the same as decreasing 40 by one-half of . So, it is a 50% decrease.
Paha777 [63]
Yes it is also a 50% decrease.

7 0
3 years ago
Other questions:
  • Alonzo's Coffee Shop makes a blend that is a mixture of two types of coffee. Type A coffee costs Alonzo $4.20 per pound, and typ
    11·1 answer
  • Pool is 25ft long and 15 ft wide and the width of the walkway is to be the same all around the pool. How wide do I make the walk
    14·1 answer
  • CAN SOMEONE PLEASE JUST ANSWER THIS ASAP FOR BRAINLIEST!!!
    13·1 answer
  • Im in no rush just need help
    10·1 answer
  • Use the long division method to find the result when 12x3 + 27x2 + 23x + 10 is
    9·1 answer
  • QUESTIONNNNNNNNNN!!!!
    9·1 answer
  • Helpp
    12·1 answer
  • 2|2x-6|=20<br><br> How the hell do you do this guys :(
    15·2 answers
  • Just askin whats20x36
    7·2 answers
  • Combine the like terms to create an equivalent expression:<br> \large{-12-6p-(-2)}−12−6p−(−2)
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!