1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Gekata [30.6K]
2 years ago
12

Mr. And Mrs. Griffin hope to send their daughter to college in fourteen years. How much money should they invest now at an inter

est rate of 9.5% per year, compounded continuously, in order to be able to contribute $8,500 to her education?
Mathematics
1 answer:
goldfiish [28.3K]2 years ago
4 0

Answer:

$2,385.75 = P

Step-by-step explanation:

In order to calculate this we need to use the following compound interest formula and solve for the initial investment amount which is P.

A = P (1 + r/n) (nt)

A = the future value of the investment/loan, including interest

P = the principal investment amount (the initial deposit or loan amount)

r = the annual interest rate (decimal)

n = the number of times that interest is compounded per unit t

t = the time the money is invested or borrowed for

If we plug in the values provided in the question which is compounded once per year we would get the following equation which we can solve for P.

8500 = P (1 + (0.095/1))^(1*14)

8500 = P (1.095)^(14)

8500 = P (3.56285)

2,385.75 = P

Mr. and Mrs. Griffen need to invest $2,385.75 now for 14 years in order to contribute a total of $8,500

You might be interested in
Gordon types 1,800 words in 25 minutes how many words per hour?
ANEK [815]
45000 is the answer because 1800 x 25 = 45000

8 0
3 years ago
Read 2 more answers
Find the measures of the angles in ∆ABC if m∠A : m∠B : m∠C = 2:3:4.
g100num [7]

Answer:

A=40, B=60, C=80

Step-by-step explanation:

180/7 to find what "1" would be in the ratio then multiply 20*2, 20*3, 20*4.

3 0
3 years ago
(10,17),(7,8) slope?
k0ka [10]

Answer:

1/3

Step-by-step explanation:

8 0
3 years ago
Read 2 more answers
What is the value of the following expression? <br> 7+18/(6-3)
daser333 [38]
7+18/(6-3)
7+18/3
25/3=8.333
5 0
3 years ago
Solve the system of equations.
Helga [31]
The answer is x=1 y=-1 and z=1. If you plug in the variables you get
4-3+5 and that equals 6. So that’s the answer
7 0
2 years ago
Other questions:
  • Please help, if able! 10 points up^^
    11·1 answer
  • Point G is the center of the small circle. Point X is the center of the large circle. Points G, Y, and X are all on line segment
    11·2 answers
  • Can someone please help, im legit confused.
    7·1 answer
  • Define perpendicular lines.
    11·1 answer
  • Please help me,chek out the photo! The solution it is suposed to be abc
    6·1 answer
  • What happens to the volume of a sphere when its diameter is tripled?
    13·1 answer
  • There are 500 computers in an office building. The IT manager randomly chose 40 computers to be inspected for viruses. Of those
    6·2 answers
  • your telephone bill lists a call that lasted 18 minutes and cost $1.08. how much were you charged for each minute of the call
    10·1 answer
  • 20) Write a division number story with an answer of 1/4.<br><br> Be sure to ask a question.
    15·1 answer
  • Select ALL of the trips that would take 2 hours.
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!