3 years ago

A man has a wife with six children and

Mathematics

1 answer:

BartSMP [9]3 years ago

8 0

Answer:

$i)10\% \: of \: 8500 \\ = \frac{1}{10} \times 8500 \\ = 850 \: was \: his \: tax$

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Julien's parents want $64,000 at the end of 3 years. They put their money in an account that yields 10% per year compounded mont

Leto [7]

Answer: $\$47,471$

Step-by-step explanation:

Given

Julien's parents want $64,000 at the end of 3 years

The rate of interest is 10% annually

Suppose they invested P amount initially

So, compound interest, compounded monthly is

$\Rightarrow A=P\left( 1+\frac{r}{n}\right)^{nt}\quad [\text{n=Numner of compounding periods}]\\\\\text{Insert the values}\\\Rightarrow 64,000=P\left( 1+\frac{0.10}{12}\right)^{12\times 3}\\\\\Rightarrow 64,000=P\left( 1+\frac{10}{12}\right)^{36}\\\\\Rightarrow P=\dfrac{64000}{1.3481}\\\\\Rightarrow P=\$\ 47,471.37\approx \$ 47,471$