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Anni [7]
3 years ago
7

Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual

simple interest rate of 7%. After 11 years, the interest earned on the account was $4,620. How much money did Mike's grandmother deposit in the account?
$6,000
$6,500
$7,000
$5,000
Mathematics
1 answer:
fenix001 [56]3 years ago
3 0
P=4620/(0.07*11)
P==6,000
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You save for retirement over 30 years by investing $850/month in a stock account that yields 10%. You invest $350/month in a bon
sergejj [24]

Answer:

  $13,287.70

Step-by-step explanation:

The future value of the stock account is computed as the sum of a geometric series. This computation assumes that the annual yield is compounded monthly.

  FV = p((1+r/12)^(12n) -1)/(r/12)

For the stock account, p=850, r=0.10, n=30, so the future values is ...

  FV = 850((1+.10/12)^360-1)/(.10/12)) = 1,921,414.74

For the bond account, p=350, r=.06, n=30, so the future value is ...

  FV = 350((1+.06/12)^360 -1)/(.06/12) = 351,580.26

The combined account value at the end of 30 years is ...

  $1,921,414.74 + 351,580.26 = $2,272,995.00

_____

The monthly payment that can be made over a 25 year period is given by the amortization formula.

  A = P(r/12)/(1 -(1 +r/12)^(-12n))

  = $2,272,995.00(.05/12)/(1 -(1+.05/12)^-300) = $13,287.70

You can withdraw $13,287.70 each month assuming a 25-year withdrawal period.

6 0
3 years ago
What is the substitution should be used to rewrite x^8 -3x^4 + 2 =0
fenix001 [56]
Get into ax²+bx+c=0 form

subsitute u=x⁴

x⁸-3x⁴+2=0
(x⁴)²-3(x⁴)+2=0
u²-3u+2=0
factor
(u-2)(u-1)=0
set to zero

u-2=0
u=2

u-1=0
u=1


wait, u=x⁴

2=x⁴
\sqrt[4]{2}=x

1=x⁴
+/-1=x


the subsitution is u=x⁴
and the possible values for x are -1, \sqrt[4]{2}=x, and 1
7 0
3 years ago
Emily has 8 coins in her purse totaling 50 cents. The only kinds of coins she has are nickels and dimes. How many nickels does E
miskamm [114]

Linear equation are the equation which has the power of the unknown variable is 1. The Emily have total 2 number of dimes coin and total 6 number of nickels coin.

<h3>Given information-</h3>

Emily has 8 coins in her purse totaling 50 cents

The only kinds of coins she has are nickels and dimes.

<h3>Nickel</h3>

A nickel is a coin which has the value equal to the 5 cents.

<h3>Dimes</h3>

A dimes is a coin which has the value equal to the 10 cents.

Suppose the number of nickel coin is <em>x </em>and the number of dimes coin is <em>y.</em>

As total coins are 8 . Thus,

x+y=8      

x=8-y                  ......equation 1

As the total value of the cents is 50 and nickel is equal to the 5 cents whereas the dimes is equal to the 10 cents. Thus,

5x+10y=50        

Put the value of the <em>x</em> from the equation 1 in the above equation.

\begin{aligned}5(8-y)+10y &=50\\40-5y+10y &=50\\5y &=50-40\\y&=\dfrac{10}{5} \\y&=2\end

Thus Emily have total 2 number of dimes coin.

Put this value of y in equation 1 we get,

x=8-2\\x=6

Thus  Emily have total 6 number of nickels coin.

Hence the Emily have total 2 number of dimes coin and total 6 number of nickels coin.

Learn more about the coin based problems here;

brainly.com/question/10482015

5 0
2 years ago
Read 2 more answers
Can someone help please!
Tcecarenko [31]

Answer:

7*(1/10)=   the third one

Step-by-step explanation:

7 0
3 years ago
Read 2 more answers
Find an ordered pair (x,y) that is a solution to the equation.
vesna_86 [32]
(5,-5) is your answer.
6 0
3 years ago
Read 2 more answers
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