Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. Mike's account balance after 21 years is $69,131.44.
<h3>What is compound interest?</h3>
Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. It's the outcome of reinvesting interest rather than paying it out so that interest is received on the principal plus previously collected interest in the next quarter.,
where A is the final amount
P is the principal amount
r is the rate of interest
n is the number of times interest is charged in a year
t is the number of years
The principal amount that Mike invested is $29,000. The rate of interest is 7.24% compounded daily, for 21 years. Therefore, the account balance after 21 years is
= $69,131.44
Hence, Mike's account balance after 21 years is $69,131.44.
Learn more about Compound Interest:
brainly.com/question/25857212
#SPJ1
Answer:
P = 12 + 5x
Step-by-step explanation:
P = a + b + c
P = 7 + (x + 4) + (4x + 1)
= 7 + x + 4 + 4x + 1
= 12 + 5x
Answer: Hi!
To find the answer for question 24, we would first find the square root of 20 and 5. The square root of 20 is about 4.47 (I used a calculator for convenience) and the square root of 5 is about 2.24. Now we need to add these:
4.47 + 2.24 = 6.71
Now we divide 30 by this:
30/6.71 = 4.47
Now, we'll evaluate the answer choices.
a) is equal to 1.49
b) is equal to 13.4
c) is equal to 4.47
d) is equal to 26.88
The answer choice that is correct is c, because it is what we got for the problem that we were supposed to solve in the beginning.
Hope this helps!
Make bottom numbers same
convert to improper fraction
1 and 5/6=1+5/6=6/6+5/6=11/6
1/2 and 11/6
2 times 3=6
1/2 times 3/3=3/6
1/2+11/6=3/6+11/6=(4+11)/6=14/6
answer is A
Step-by-step explanation: Using the equation, y = mx + b, the slope-intercept form, plug in the values you have and solve for b. (m is the slope.) You have y = -8 and x = 4 and m = 1/2.
