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3 years ago

Hank invested $50,000 in a mutual fund that earns 7% interest compounded annually. How much interest did he earn after 10 years?

Mathematics

2 answers:

Fed [463]3 years ago

8 0

9514 1404 393

Answer:

G) $48,357.57

Step-by-step explanation:

The future value formula can be used to find the account value:

FV = P(1 +r)^t

where P is invested at annual rate r for t years.

FV = $50,000(1.07^10) ≈ $98,357.57

The amount of interest earned is the difference between this value and the value of the initial investment:

interest = $98,357.57 -50,000 = $48,357.57

Hank earned $48,357.57 in interest after 10 years.

_____

At 7% interest, the "rule of 72" tells you the doubling time of the account is about 72/7 = 10.3 years. That is the account value will be not quite double the original investment after 10 years. So, the amount of interest earned is only slightly less than $50,000. If the account earned simple interest, the interest earned would be $35,000. Only one answer choice is more than $35,000 and less than $50,000.

anastassius [24]3 years ago

7 0

Answer:

F $35,000

Step-by-step explanation:

3,500 is 7% of 50,000 3500 multiplied by 10 years= 35,000

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Answer:

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Therefore, sin x can be either –15/17 or +15/17.

Everyone but Anirban so far has forgotten the negative solution.

Step-by-step explanation:

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Answer:

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Step-by-step explanation:

Data:

W= 8

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soln:

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Solve for the quadratic equation<br>0=x^2 -36

sleet_krkn [62]

Answer:

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Step-by-step explanation:

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Alissa's budget is shown in the circle graph below. Her total monthly budget is $1,500. How much dos Alissa spend on rent?

mojhsa [17]

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Step-by-step explanation:

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Read 2 more answers

If sin θ =8/9. Find cot θ.

olga nikolaevna [1]

Step-by-step explanation:

✧ $\underline{ \underline{ \large{ \tt{G\: I \: V \: E\: N}}} }:$

$\large{ \tt{sin \: \theta = \frac{8}{9}}}$ Here , Perpendicular ( p ) = 8 & hypotenuse ( h ) = 9

♨ $\underline{ \underline{ \large{ \tt{ T \: O \: \: F \: I\: N\: D}}}} :$

$\large{ \tt{cot \: \theta}}$

♨ $\underline{ \underline{ \large{ \tt{S \: O \: L\: U \: T\: I\: O \: N}}}} :$

First, Find the base ( b ) using Pythagoras theorem :

☪ $\boxed{ \bf{ {h}^{2} = {p}^{2} + {b}^{2} }}$

~Plug all the known values and then simplify!

⇾ $\large{ \bf{ {9}^{2} = {8}^{2} + {b}^{2} }}$

⇾ $\large{ \bf{81 = 64 + {b}^{2} }}$

⇾ $\large{ \bf{64 + {b}^{2} = 81}}$

⇾ $\large{ \bf{ {b}^{2} = 81 - 64}}$

⇾ $\large{ \bf{ {b}^{2} = 17}}$

⇾ $\large{ \bf{b = \sqrt{17}}}$

Now , Find the value of cot θ

We know ;

⟿ $\large{ \bf{cot \theta = \frac{b}{p} = \boxed{ \bf{ \frac{ \sqrt{17} }{8}}}}}$

⤷ $\boxed{ \boxed{ \underline{ \large{ \tt{Our \: Final \: Answer : { \tt{ \frac{ \sqrt{17} }{8} }}}}}}}$

( Correct me if I'm wrong )

Hope I helped ! ♡

Have a wonderful day / night ! ツ

☄ Let me know if you have any questions regarding my answer !

$\underline{ \underline{ \mathfrak{Carry \: On \: Learning}}}$ !! ✎

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