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:
D
Step-by-step explanation:
Answer: Jordan worked for 10 hours and Sydney worked for 6 hours.
Step-by-step explanation:
Let x represent the number of hours
that Jordan worked.
Let x represent the number of hours that Sydney worked.
Jordan can iron 20 shirts per hour, and Sydney can iron 25 shirts per hour. They ironed 350 shirts between them. It means that
20x + 25y = 350- - - - - - - - - - - 1
Jordan worked 4 more hours than Sydney. It means that
x = y + 4
Substituting x = y + 4 into equation 1, it becomes
20(y + 4) + 25y = 350
20y + 80 + 25y = 350
20y + 25y = 350 - 80
45y = 270
y = 270/45
y = 6
x = y + 4 = 6 + 4
x = 10