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Snezhnost [94]
2 years ago
5

Money in a bank account that compounds interest by some percentage acts- A. Linearly B. Exponentially C negatively D. Like a fra

ction
Mathematics
1 answer:
vovikov84 [41]2 years ago
6 0

Answer:

exponentially

Step-by-step explanation:

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Could someone please help me solve this? Brainly if correct
Scorpion4ik [409]

You will need to deposit  $ 10,957 each year until retirement to achieve your retirement goals.

<h3>What is compound interest, and how does it work?</h3>

Compound interest is computed on a loan or deposit based on the starting principle and the preceding period's accrued interest.

Principal(P)=$40,000

(Time period)T=25+15 = 40 year

R=8%

The final balance is $273,938.99 and the total compound interest is $233,938.99.

The amount he has to deposit each year is found as;

⇒$273,938.99/25

⇒ $ 10,957

Hence. you will need to deposit  $ 10,957 each year until retirement to achieve your retirement goals.

To learn more about compound interest, refer to brainly.com/question/14295570

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