3 years ago

You deposit 3100 in an account with an annual interest of 3.4% for 20 years

Mathematics

1 answer:

tamaranim1 [39]3 years ago

5 0

Answer:

The amount in 20 years is $6,050.24

Step-by-step explanation:

Given the following information:

Principal (Present Value, or PV)= $3,100

Interest rate ( r )= 3.4% or 0.034

Number of compounding period (n )= 1 (annually)

Number of years ( t )= 20

We can use the Future Value formula to find out the value of $3,100 in 20 years:

$FV = PV(1 + \frac{r}{n})^{nt}$

$FV = 3100(1 + \frac{0.034}{1})^{1*20}$

$FV = 3100(1.034)^{20}$

FV = 3100(1.95169)

FV = $6,050.24

Therefore, the future value of the amount deposited is $6,050.24

You might be interested in

Sierra is saving money to buy a bike the bike costs $245. she has $125 saved and each week she adds $15 to her savings. how many

beks73 [17]

You should start with an equation.
$245 = 125 + 15x$
The 'x' represents the week.

so now, we have to subtract 125 from the total amount which is 245.
$245 - 125 = 120$
now we have
$120 = 15x$
to find 'x', we must divide 15 on each side
$\frac{120}{15} = \frac{15x}{15}$
we are now left with
$8 = x$
that means Sierra will have 8 weeks until she has enough money to buy the bike

4 0

2 years ago

Nichelle earns $7 per hour and gets a 10% commission on the sale price of each item she sells. She wants to work only 10 hours e

kirza4 [7]

Answer:

no sé amigo apenas voy el el kinder

8 0

2 years ago

If 8 apples can make 3 pies, then how many pies can you make with 24 apples?

serious [3.7K]

D answer is 9 , 24/8 = 3
3x3=9

4 0