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
jeka57 [31]
2 years ago
11

Omar wants to open an account for his grandchildren that he hopes will have

Mathematics
1 answer:
olga_2 [115]2 years ago
4 0

Using compound interest, it is found that he must deposit $56,389.

Compound interest:

A(t) = P(1 + \frac{r}{n})^{nt}

  • A(t) is the amount of money after t years.  
  • P is the principal(the initial sum of money).  
  • r is the interest rate(as a decimal value).  
  • n is the number of times that interest is compounded per year.  
  • t is the time in years for which the money is invested or borrowed.

In this problem:

  • Hopes to have $80,000 in 20 years, thus t = 20, A(t) = 80000.
  • Interest rate of 1.75%, thus r = 0.0175.
  • Compounding monthly, thus n = 12
  • The investment is of P, for which we have to solve.

Then:

A(t) = P(1 + \frac{r}{n})^{nt}

80000 = P(1 + \frac{0.0175}{12})^{12(20)}

P = \frac{80000}{(1 + \frac{0.0175}{12})^{12(20)}}

P = 56389

He must deposit $56,389.

A similar problem is given at brainly.com/question/25263233

You might be interested in
Find the limit of the function algebraically. limit as x approaches negative nine of quantity x squared minus eighty one divided
scoray [572]
Let me express the equation clearly:

lim x→-9  (x²-81)/(x+9)

Initially, we solve this by substituting x=-9 to the equation. 

((-9)²-81)/(-9+9) = 0/0

The term 0/0 is undefined. This means that the solution is not see on the number line because it is imaginary. Other undefined terms are N/0 (where N is any number), 0⁰, 0×∞, ∞-∞, 1^∞ and ∞/∞. One way to solve this is by applying L'Hopitals Rule. This can be done by differentiating the numerator and denominator of the fraction independently. Then, you can already substitute the x=-9.

(2x-0)/(1+0) = 2x = 2(-9) = -18

The other easy way is to substitute x=-8.999 to the original equation. Note that the term x→-9 means that x only approaches to -9. Thus, you substitute a number that is very close to -9. Substituting x=-8.999

((-8.999)²-81)/(-8.999+9) = -18

7 0
3 years ago
The minute hand on a clock is 6 inches long. Between 1:15 p.m. and 1:40 p.m., the minute hand travels along an arc subtended by
user100 [1]

Answer:

C

Step-by-step explanation:

ive done this before pls give brainliest

8 0
2 years ago
Read 2 more answers
On Monday, Elsbeth’s bank account balance was -$16.75. On Tuesday, she deposited a check for $5.72. On Thursday, she deposited $
erastova [34]

Answer:

$5.72

Step-by-step explanation:

The easiest way to do this is take the two deposits and add them together then combine with the original balance.

Add 5.72 and 16.75

5.72+16.75=22.47

Then subtract -16.75 from 22.47

22.47-16.75=5.72

3 0
3 years ago
Read 2 more answers
Pls show working 3 friends shared the driving on a long trip. Marla drove 7 miles more than Guido. Guido drove five times as far
olga2289 [7]

Step-by-step explanation:

Marla drove 567

Gudio drove 560

The trip was 679

5 0
2 years ago
Read 2 more answers
A local coffee shop serves 2 9 as many customers as a shop run by a national coffee chain. The shop run by the chain serves 502
dexar [7]

I believe that it is 531 customers

6 0
2 years ago
Read 2 more answers
Other questions:
  • Help pls trying to find the surface area
    12·1 answer
  • the length of a rectangle is 4 times its width. The rectangles perimeter is 68 feet what is the rectangles length and width ??
    15·1 answer
  • An equivalent expression to (5x - 3x^2) (5x - 2) • ( 10x + 7x^2) in standard form
    7·1 answer
  • Pls help 50 points<br> best + correct answer gets brainliest crown
    11·2 answers
  • Rectangle ABCD was dilated to create rectangle A'B'C'D. Triangle A B C D is dilated to form triangle A prime B prime C prime D.
    14·2 answers
  • 1
    15·1 answer
  • Find the value of X
    10·1 answer
  • What is the step by step process of multiplying matrices?
    7·1 answer
  • What is the value of the expression shown below? 4 + 2 x 52
    7·1 answer
  • The formula for distance traveled d is d=rt, where r is the average speed of the object and t is time traveled. If an object tra
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!