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.
Because the angels are equivalent, you can set the expressions equal to each other and solve. You will find that x = 54.
Work shown in image - let me know if I made any errors or if you have any additional questions.
Answer:
$97.15.
Step-by-step explanation:
We have been given that a musician uses his credit card to pay for a new violin that costs $2,900 and does not pay on it until the second month. The interest rate of credit card is 3.35% monthly.
We will use interest formula to solve our given problem.
, where,
,
,
,
Let us convert our given interest rate in decimal form.
Upon substituting our given values in interest formula we will get,
Therefore, the monthly interest charge at the end of the 1st month will be $97.15.
Answer:
Step-by-step explanation:
Given that cards are drawn from a standard 52-card deck until the third club is drawn.
With replacement:
Drawing 3 club prob = 1/52 and non club = 51/52
a) Hence Prob (3rd club is drawn on the 8th selection)
= P(7 non 3 clubs, and one 3 club)
=
b) P(first 7 cards non 3 club) =
With replacement
c) P(7 non 3 clubs and 8th 3club)
=
d) P(atleast first 7 cards non3 club) =1-P(3 club in the 7th draws )=