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
Two trains leave New York at the same time heading in opposite directions. Train A travels at 4/5 the speed of train one. After
grandymaker [24]
<h3>Answer:  </h3><h3>speed of train A = 44 mph</h3>

=============================================

Work Shown:

x = speed of train A

y = speed of train B

"train A travels 4/5 the speed of train B" (I'm assuming "train one" is supposed to read "train B"). So this means x = (4/5)y

distance = rate*time

d = x*7

d = (4/5)y*7 = (28/5)y represents the distance train A travels

d = y*7 = 7y represents the distance train B travels

summing those distances will give us 693

(28/5)y + 7y = 693

5*(  (28/5)y + 7y ) = 5*693

28y + 35y = 3465

63y = 3465

y = 3465/63

y = 55

Train B's speed is 55 mph

4/5 of that is (4/5)y = (4/5)*55 = 4*11 = 44 mph

Train A's speed is 44 mph

8 0
3 years ago
Suppose the manager of a gas station monitors how many bags of ice he sells daily along with recording the highest temperature e
Naily [24]
I don’t have the time for my birthday but I’m just asking for a little
7 0
3 years ago
What is the measurement of angle a?
Illusion [34]
Assuming we have parallel lines, we can solve for x.
Since a = 3x - 10 (vertically opposite angles are equal),
3x - 10 = 2x + 15 (alternate angles are equal)
x = 25

Hence, angle a = 3(25) - 10 = 65°
6 0
3 years ago
Find the area of the triangle ​
Tasya [4]

Answer:

I think it's 36 from top to bottom

Step-by-step explanation:

and pls ask a real question, or ask more with info

4 0
2 years ago
Kitty Foods sells their cat food in 3 3/4 lb bags, while Cat Caterers sells 2 1/8 lb bags. How much bigger are the bags Kitty Fo
Mariulka [41]

Answer: The answer for the question is: 1 5/8

Step-by-step explanation:

8 0
2 years ago
Other questions:
  • What is the value of x
    12·1 answer
  • Kelly can type 120 words in 30 minutes how many words can she type in 1 minutes at this rate
    15·2 answers
  • W=A/5<br> w equals a divided by five
    11·1 answer
  • PLEASE HELP RATIOS TABLES DUE TOMARROW!!!!!!
    8·2 answers
  • Which is not in scientific notation?
    10·1 answer
  • 5. Which of the following linear functions has a graph which passes through points (−5,−2) and (−3,0)?
    15·1 answer
  • The larger of two numbers is 10 more than three times the smaller number. The larger number decreased by the smaller number is 8
    6·1 answer
  • At Memorial hospital, 9 of the 12 babies born on Tuesday were boys. In simplest form, what fraction of the babies born on Tuesda
    14·2 answers
  • How much money will the famer lose if all 350 rinos are stolen
    11·1 answer
  • Convert 29.5 kilograms to grams.<br><br> Enter your answer in the box.
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!