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2 answers:
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Dave will have $12,728 after 15 years, if he has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly.
Step-by-step explanation:
The given is,
Investment = $ 8000
No. of years = 15 years
Interest rate, i = 3.1 %
( compounded monthly )
Step:1
For for calculating future value with compound interest monthly,
.................(1)
Where,
A = Future amount
P = Initial investment
r = Rate of interest
n = Number of compounding in a year
t = Time period
Step:2
From given values,
P = $8000
r = 3.1%
t = 15 years
n = 12 ( for monthly)
Equation (1) becomes,
A = $ 12728.48
Result:
Dave will have $12,728 after 15 years, if he has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly.
Answer:
see explanation
Step-by-step explanation:
The sum to n terms of an arithmetic sequence is
=
[ 2a₁ + (n - 1)d ]
where a₁ is the initial value and d the common difference
Given
=
[ 10 + (n - 1)3 ]
Then by comparison
2a₁ = 10 ( divide both sides by 2 )
a₁ = 4 ← initial value
and d = 3 ← common difference
Thus
=
[ 10 + (7 × 3) ]
= 4(10 + 21)
= 4 × 31
= 124