Answer: 45
Step-by-step explanation:
The amount of money he will be able to withdraw after 10 years after his last deposit is $926,400.
<h3>Compound interest</h3>
- Principal, P = $2,000 × 12 × 4
= $96,000
- Time, t = 10 years
- Interest rate, r = 24% = 0.24
- Number of periods, n = 2
A = P(1 + r/n)^nt
= $96,000( 1 + 0.24/2)^(2×10)
= 96,000 (1 + 0.12)^20
= 96,000(1.12)^20
= 96,000(9.65)
= $926,400
Therefore, the amount of money he will be able to withdraw after 10 years after his last deposit is $926,400
Learn more about compound interest:
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Answer:then what?
Step-by-step explanation:
After 5 tests, her average was 88. To have a seven-test average of 90, the total must be:
Her average after 5 tests was 88. Her total score on the 5 tests is:
Subtract:
Find the average by dividing by 2:
Her average must be 95
