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.
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Answer:
Step-by-step explanation:
3x6= 18 then 14000 x 18 = 252,000
,,,,,,,,,,,,,,,,,i want the answer
marysya [2.9K]
Answer:
120 Degrees
Step-by-step explanation:
As the set up says the two angles (m<A and m<C) are the same so you would simply just divide 240 by 2 (240/2) to find your answer of 120.
The answer to the question is B
Answer:
Rent each month = $1421
Amount left after rent and taxes monthly = $2453
Step-by-step explanation:
Gross salary; $61,992 per year
His gross pay per month will be;
61992/12 = $5166
Now, the standard recommended rule in budgeting for house rent is to use between 25% to 30% of your monthly pay for rent.
Now, let's adopt an average of 27.5%
Thus;
Amount he can afford for rent each month = 27.5% × 5166 = $1420.65 ≈ $1421
We are told he pays 25% of his gross monthly income in federal and state taxes.
Thus, amount spent on taxes each month = 25% × 5166 = $1291.5 ≈ $1292
Thus, amount he will gave left after rent and taxes = 5166 - (1421 + 1292) = $2453
