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ladessa [460]
3 years ago
15

Tom opens a bank account and makes an initial deposit of $15,000. The banker tells Tom that he is going to receive an annual rat

e of 3.5% on his investment. Find the bank balance assuming Tom leaves the account untouched for 15 years. In your final answer, include all of your calculations.
Mathematics
1 answer:
saul85 [17]3 years ago
7 0
Assuming annual compounding, then:
FV=15000*(1+.035)^15
FV=15000*1.6753488307521611831782355996538
FV=$25130.23
At the end of 15 years, Tom should have $25130.23 in his account.
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(A) The population's growth rate in equation form is y = (0.016t * 7652) + 7652

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Step-by-step explanation:

(A) Y = the total population of the town. 0.016 is 1.6% just in its original form. T = the year in which were trying to find the town's total population. 7652 is the total population of the town in 2016. With this information, the equation reads, The total population of the town (Y) is equal to 16% (0.016) of the current year's population (T) added to 2016's population of 7652. (This last sentence can also be read what is 1.6% of the towns population in the year were trying to find. Because the population is always growing, 1.6% gets multiplied as to scale with the total population in year T)

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