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:
4
Step-by-step explanation:
4/6 x 6 can be thought of as 4/6 x 6/1.
When multiplying two fractions, multiply the numerator (top number) with the numerator and the denominator (bottom number) with the denominator.
So we have: (4x6) / (6x1)
Which can be simplified to: 24/6, or 4.
Let me know if this helps!
Answer:
12
Step-by-step explanation: