How much money should be deposited today in an account that earns 8% compounded monthly so that it will accumulate to 13,000 tho
usand and three years? PLEASE HELP
1 answer:
Answer:
$10,234.31
Step-by-step explanation:
A suitable financial calculator or spreadsheet can evaluate the future value function for you. It will tell you that $10,234.31 must be deposited today to have $13,000 in three years, when interest is 8% compounded monthly.
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You are solving for P:
13000 = P(1 +0.08/12)^(12×3)
P = 13000/(1 +0.08/12)^36 ≈ 10,234.31
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Answer:
B
Step-by-step explanation:
It's a right triangle, so the pythagorean theorem will be used a lot.
First, find the side length on the left.
25^2 = 7^2 + y
y = 24
Now, knowing that 7 - 3 = 4 (the smaller side length), I can use this theorem again to find x.
4^2 + 24^2 = x^2
x =
Just need to simplify it a little farther...
592 / 16 = 37, so B must be the answer.