1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sonbull [250]
3 years ago
15

Mark needs $26,700 to purchase a boat. How much money will he need to invest today in a savings account earning 4.6% interest, c

ompounding quarterly, to have enough money to purchase the boat in 12 years? (2 points)
$3,083.12

$15,422.28

$22,220.50

$25,266.90
The correct answer is $15,422.28, I just need the work to solve it. Can anyone help me please?
Mathematics
1 answer:
poizon [28]3 years ago
8 0

Answer:

  • $15422.28

Step-by-step explanation:

  • Future value FV = $26700
  • Interest rate r = 4.6% = 0.046 per annum compounded
  • Compound number n = 4 per year
  • Time t = 12 years
  • Initial amount P = ?

<u>Use formula for future value, solve for P:</u>

  • FV = P*(1 + r/n)^(nt)
  • 26700 = P(1 + 0.046/4)^(12*4)
  • P = 26700 / 1.0115^48
  • P = 15422.28
You might be interested in
These lines are below are parallel if the slope of the green line is -4 what is the slope of the red line
Alja [10]

Answer:

The slope would also be -4.

Step-by-step explanation:

This is because parallel lines have the exact same slope. Since these two lines are parallel and the first has a slope of -4, the second must as well.

7 0
3 years ago
Read 2 more answers
<img src="https://tex.z-dn.net/?f=7%20-%209w%20%3D%20%20-%2029%20" id="TexFormula1" title="7 - 9w = - 29 " alt="7 - 9w = - 29
Oksana_A [137]
7 - 9w = - 29

Subtract 7 from both sides

- 9w = - 36

Divide by - 9 on both sides

w = 4
5 0
3 years ago
Read 2 more answers
5^3 + 4 x 2 <br><br> please help
andreyandreev [35.5K]
Answer is 133, hope this helps
8 0
3 years ago
Will give brainliest!! Linda had a great week in basketball. In two games she scored a total 41 points and made 17 shots. If she
Ilia_Sergeevich [38]

Answer:

16 3 pointer shots 1 2 pointer shots

Step-by-step explanation:

I subtracted 3 pointers and did it 16 times and subtracted 2 one time

I hope I helped

8 0
2 years ago
What is the prime factorization of 72?
Bingel [31]
Ik that 9 is one of em
Hope this helps have a nice nite
6 0
3 years ago
Read 2 more answers
Other questions:
  • What is the value of the expression 10 + (fraction 1 over 2)4 ⋅ 48?
    11·2 answers
  • The temperature is -3 F at 7:00 am During the next 4 hours the temperature increases 21 F. What is the temperature at 11:00am ?
    5·1 answer
  • In April 2008, an audio CD was available for $14.01. the list price (full price) of the CD was $19.32. What was the percent disc
    12·1 answer
  • use an equation to write each fraction as multiple of unit fraction 1/6 + 1/6 + 1/6 + 1/6 + 1/6 how do you get to 5/6
    8·1 answer
  • If c=3 what is 6 x (9-c)
    6·1 answer
  • The highway mileage m in miles per gallon for a compact car is approximated by m(s) = -0.025s^2 + 2.45s - 30, where s is the spe
    9·1 answer
  • What is the ratio of the corresponding side lengths?<br> 4:9<br> 4:2<br> 26:26<br> 4.5:2
    13·2 answers
  • Is this answer correct?
    7·1 answer
  • Find the volume of the following shapes. Round to tenths and don’t forget the units. Show your work!
    6·1 answer
  • Help plzzzzz i needs halp!
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!