What initial investment must be made to accumulate $60000 in 17 years if the money is invested in a mutual fund that pays 12% an
1 answer:
$7881.18
Step-by-step explanation:
Let the initial Investment be . The Interest is compounded on a monthly basis at 12% annual interest rate. After 17 years, the Investment amounts to $60,000.
As the annual interest rate is 12%, the monthly interest rate is 1%.
Since this is a compound interest problem, the total amount can be modeled as follows:
Here is the interest rate, i.e
, and t is the number of time periods, i.e
=
∴ Initial Investment = $7881.18
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<span>The y-intercept of a function is given by the initial value of a function. It is the value of the function when x = 0.
Given the functions
A. Blake is tracking his savings account with an interest rate of 5% and a original deposit of $6.
The y-intercept for this function is the initial deposit which is $6.
B.
x g(x)
0 6
1 2
2 10
The y-intersept for this function is 6 which isthe value of the function g(x) when x = 0.
C. The function h of x equals 4 to the x power, plus 3
When x = 0,
Thus the y-intecept is 4.
D. j(x) = 10(2)^x
when x = 0,
Thus, the y-intercept is 10.
Thereforen the function with the highest y-intercept is
which has a y-intercept of 10.
</span>
Given the functions
A. Blake is tracking his savings account with an interest rate of 5% and a original deposit of $6.
The y-intercept for this function is the initial deposit which is $6.
B.
x g(x)
0 6
1 2
2 10
The y-intersept for this function is 6 which isthe value of the function g(x) when x = 0.
C. The function h of x equals 4 to the x power, plus 3
When x = 0,
Thus the y-intecept is 4.
D. j(x) = 10(2)^x
when x = 0,
Thus, the y-intercept is 10.
Thereforen the function with the highest y-intercept is
</span>