Using compound interest, it is found that he must deposit $56,389.
Compound interest:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
- t is the time in years for which the money is invested or borrowed.
In this problem:
- Hopes to have $80,000 in 20 years, thus
. - Interest rate of 1.75%, thus
. - Compounding monthly, thus
- The investment is of P, for which we have to solve.
Then:
He must deposit $56,389.
A similar problem is given at brainly.com/question/25263233
Answer:
a) The mean of the data set is $33,691.13 and can be calculated by finding the average of the sum of the eight salaries.
b) The five number of the data set is {27,274; 30,421; 32,941.5; 35,682; 44,166} and can be calculated by finding the minimum, maximum, median, and interquartile range values.
c) The standard deviation of the data set is 4773.50 and can be calculated by finding the square root of the average of the sum of the differences from the mean squared.
14.5% = 0.145 = 145/1000
14.5 = 14500/1000
So 14.5% is a hundredth the size of 14.5, so they are not equal and the friend is incorrect.
Answer:
5
Step-by-step explanation:
Answer:
The correct answer is 54.76 years.
Step-by-step explanation:
The national health care expenditure (H) , in billion of dollars is modeled by
H = 29.57 × 
.
To measure the time before which national health expenditure reach 6000 billion dollars.
Thus putting the value of H = 6000 in the above modeled equation we get,
⇒ 6000 = 29.57 ×
⇒ 
=
⇒ 202.908 =
Taking logarithm with the base of e (㏑) both sides we get,
⇒ ㏑ 202.908 = ㏑
⇒ ㏑ 202.908 = 0.0970 × t
⇒ 0.0970 × t = 5.312
⇒ t = 
⇒ t = 54.76.
Thus the total time required before which national health expenditure reach 6000 billion dollars is 54.76 years.
