The amount of money he will be able to withdraw after 10 years after his last deposit is $926,400.
<h3>Compound interest</h3>
- Principal, P = $2,000 × 12 × 4
= $96,000
- Time, t = 10 years
- Interest rate, r = 24% = 0.24
- Number of periods, n = 2
A = P(1 + r/n)^nt
= $96,000( 1 + 0.24/2)^(2×10)
= 96,000 (1 + 0.12)^20
= 96,000(1.12)^20
= 96,000(9.65)
= $926,400
Therefore, the amount of money he will be able to withdraw after 10 years after his last deposit is $926,400
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Answer:
$30.95
Step-by-step explanation:
There are 12 months in a year. $371.40 divided by 12 gives us $30.95.
Answer:
hi :)
910
use a percantage calculator, i looked it up and 182 percent of 500 would be 910
Step-by-step explanation:
Step-by-step explanation:
Step one:
given
current (older) fridge
electricity charges= $17 monthly
maintenance costs= $220
let the number of months be x
and the total cost be yo
the expression for the cost for the old fridge is
yo=220+17x---------1
New fridge
electricity charges= $6 monthly
costs= $1,050
let the number of months be x
and the total cost be yn
the expression for the cost for the old fridge is
yn= 1050+6x---------2
Hence the system of equation for the situation is
yo=220+17x---------1
yn= 1050+6x---------2
Step two
for 10 years there are 12*10= 120 months
put x= 120 in both expressions and compare the total
yo=220+17(120)---------1
yo=220+2040
yo=$2,260
yn= 1050+6(120)---------2
yn=1050+720
yn=$1770
<u><em>Based on the analysis it will be less expensive to get the new fridge, hence buying the new fridge is worth it.</em></u>
Use the sequence formula and the answer will be 981,090.