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
snow_lady [41]
3 years ago
13

Present Value Hoew much shuold be deposited in an account paying 7.2% interest compounded monthly in order to have a balance of

$8000 after 3 years?
Mathematics
1 answer:
jonny [76]3 years ago
6 0

Answer:$6451.6 should be deposited.

Step-by-step explanation:

The principal was compounded monthly. This means that it was compounded 12 times in a year. So

n = 12

The rate at which the principal was compounded is 7.2%. So

r = 7.2/100 = 0.072

It was compounded for 3 years. So

t = 3

The formula for compound interest is

A = P(1+r/n)^nt

A = total amount in the account at the end of t years. A is given as $8000 Therefore,

8000 = P (1+0.072/12)^12×3

8000 = P(1+0.006)^36

8000 = P(1.006)^36

P = 8000/1.24

P = $6451.6

You might be interested in
(1 x 106) - (8 x 109)<br> How do I solve it
choli [55]
First of all 1 x 106= 106, secondly 8 x 109= 872. Therefore you would subtract 872 from 106 and that’s your answer
5 0
3 years ago
Read 2 more answers
Prove that the sum of three consecutive integers is divisible by 3
11111nata11111 [884]

Answer:

n+n+1+n+2=3n+3=3(n+1)

Step-by-step explanation:

4 0
3 years ago
Read 2 more answers
Anastasia gets overtime (time and a half) for every hour she works over 40 hours. If her hourly pay is $28.50, how much would sh
tamaranim1 [39]

Answer:

142.50

Step-by-step explanation:

28.50=1 hour so you would do 28.50 times the amount of hours she works. She worked 51 hours so you would do 28.50x50. You answer is 142.50

7 0
3 years ago
13. Solve 32x+3 = 243 for x.
Alika [10]
The Answer should be 7.5 
If you would like me to elaborate, let me know
7 0
3 years ago
Read 2 more answers
Which of the following terms describes the 5 in the expression
Snowcat [4.5K]
A Coefficient is the answer
7 0
3 years ago
Other questions:
  • QUICK PLEASE HELP NO EXPLANATION NEEDED RIGHT ANSWER GETS BRAINLIEST !!
    10·1 answer
  • Which is the equation of the line for the points in the given table
    11·1 answer
  • PLEASEEEEE HELP ME
    8·2 answers
  • Which are examples of non-statistical questions? Questions Question 1 What is Sasha's favorite movie? Question 2 What is Stacey'
    5·2 answers
  • HELP ASAP I WILL GIVE 100 POINTS AND BRAINIEST
    6·1 answer
  • How can you find the town with a temperature that is the opposite of -4°C? Name the town with that temperature
    15·2 answers
  • Teresita wanted to buy a dress for $50, but she decided to wait because she didn't have
    6·1 answer
  • Help plesae i have no idea of what to do thanks
    14·2 answers
  • If the gradient of a line is 2 and (7,2) is a point on the line, find it's equation​
    12·1 answer
  • If Jenny has 43 apples, and gives 12 to John. How many apples does Jenny have left ?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!