Omar wants to open an account for his grandchildren that he hopes will have
$80,000 in it after 20 years. How much must he deposit now into an account
that yields 1.75% interest, compounded monthly, so he can be assured of
reaching his goal?

Answers

Answer 1

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

Compound interest:

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

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 [tex]t = 20, A(t) = 80000[/tex].Interest rate of 1.75%, thus [tex]r = 0.0175[/tex].Compounding monthly, thus [tex]n = 12[/tex]The investment is of P, for which we have to solve.

Then:

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

[tex]80000 = P(1 + \frac{0.0175}{12})^{12(20)}[/tex]

[tex]P = \frac{80000}{(1 + \frac{0.0175}{12})^{12(20)}}[/tex]

[tex]P = 56389[/tex]

He must deposit $56,389.

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


Related Questions

A book has 5 pages,10 copies of the same books will be made .How many pages will be printed?

Answers

Answer:

50

Step-by-step explanation:

5 pages * 10 copies = 50 pages

Which number line represents all of the values of x for the equation x2 = 36?

Answers

Answer:

D

Step-by-step explanation:

Select the better deal in the pair. Then give the unit rate for the better deal.

$272/
8 g
or
$369/
9 g

Answers

Answer:

The better deal is $272/ 8 g

369/9=41 per gram

272/8=34 per gram

Allow me to know if this helped by clicking thank you, brainly or rate.

<3 Miss Hawaii

Rachel earns $42,000 per year. Find how much she would make if she was paid weekly, semimonthly, and monthly.

Answers

Answer:

in a monthly shy much $3500

in a weekly she much $807.69

Step-by-step explanation:

Answer:

Below! : )

Step-by-step explanation:

$3,500 monthly

$807.69 per week

$1,615.38 biweekly

Hope this helps! : )

SOMEONE PLEASE HELP!!
I need someone to explain how to simplify radicals.
The picture is attached

Answers

Answer:

35√2

Step-by-step explanation:

[tex]5\sqrt{98}[/tex] = [tex]5\sqrt{2*49}[/tex] = 5 × √2 × √49 = 5 × 7 × √2 = 35√2

please solve for me ​

Answers

Answer:

Kznnznxndnnx xkndnx xjx xjxndjxs mxmzmxmx. J xnd dnxndnxjndnx. Jx xis bx 9837ei3xid dus

Step-by-step explanation:

Szjnznz s8sbbsnsjs

Mzmzmznzm

Mzmsmxmx

Mzmxmkx

Z

Km mmx

Zkskms

Kzmz

helppppppppppppppppp​

Answers

Hope this helps xoxoxoxo

Find the value of this expression if x = -2.
X - 4
X

Answers

X-4
——
X

-2-4
——
-2

Calcule the difference

-6
—-
-2

Reduce the fraction with -2

=3

Which describes how to find the solution to 3p < 14?

Answers

Answer:

p < 14/3

Step-by-step explanation:

Answer:

a.divide both sides with 3

Step-by-step explanation:

700, 3128, 5024,9000,10018 cuáles son divisibles entre 8

Answers

Answer:

3128, 5024, 9000

Step-by-step explanation:

3128÷8=391; 5024÷8=628; 9000÷8=1125

A local gym charges nonmembers $8 per day to use the volleyball courts. Members pay a yearly fee of $150 and $2 per day to use the volleyball courts. Write and solve an equation to find how many days you must use the volleyball courts to justify becoming a member.

Answers

Answer:

150+2x=8y the answer is 26

Step-by-step explanation:

at 25 it is equal so it has to be above it to justify it

A 3-sided polygon that contains a 90° angle is called:

Question 3 options:

A) Pythagorean theorem
B) hypotenuse
C) right triangle
D) Legs

Answers

Answer:

c right triangle

Step-by-step explanation:

Answer:

C

Step-by-step explanation:

A: Method that is used to find either the legs or the hypotenuse of a right triangle.

B: Diagonal line of a right triangle, also used in the Pythagorean Theorem

C: 3-sided shape with a 90-degree angle

D. Lenth and height of a right triangle, used in the Pythagorean Theorem

A sample of 2,000 union members was selected, and a survey recorded their opinions regarding a proposed management union contract. A total of 1,600 members were in favor of it. A 95% confidence interval estimated that the population proportion was between 0.78 and 0.82. This indicates that about 80 out of 100 similarly constructed intervals would include the population proportion.

a. True
b. False

Answers

Answer:

a

Step-by-step explanation:

True, the 95% confidence interval suggests that there is a high likelihood (about 80 out of 100 intervals) that the true population proportion of union members in favor of the proposed management union contract falls between 0.78 and 0.82.

The confidence interval estimated for the population proportion of union members in favor of the proposed management union contract was between 0.78 and 0.82, with a confidence level of 95%.

The confidence level represents the probability that the interval contains the true population parameter.

In this case, with a confidence level of 95%, it means that if we were to repeat the survey and construct 100 similar confidence intervals, approximately 95 of those intervals would contain the true population proportion.

Therefore, when it is stated that "about 80 out of 100 similarly constructed intervals would include the population proportion," it means that the estimated confidence interval aligns with the confidence level of 95%, indicating that approximately 80% of those intervals would contain the true population proportion.

To learn more on Statistics click:

https://brainly.com/question/30218856

#SPJ2

What is 5,000 + 5,000?

Answers

Answer:

5,000+5,000= 10000

Step-by-step explanation:

Can you help me find x
8th grade math

Answers

Answer:

x=53

Step-by-step explanation:

all triangles equal 180° the little lines on each side mean both sides are same length so all u gotta do is

180-74=106

106/2= 53

Answer:x=52

180-74=104

104 divided by 2 to get 52

Step-by-step explanation: you would have to divide because both sides are the same size so they would be even. so that is how you would get the answer 52

Select the correct answer.

Answers

Answer: a

Step-by-step explanation:

A chef made 20 desserts in

60 minutes. How many

minutes would it take him

to make 90 desserts?

Answers

it would take him 270 minutes

Autumn spent a third of her weekly allowance on a shirt she liked. In order to earn more money her parents allowed her to mow the grass for $20. What is her weekly allowance if she ended with $31

Answers

:11
Your welcome have a good day

which is the correct simplification:
giving brainliest

Answers

Answer:

The answer is letter E.........

Answer:

Step-by-step explanation:

If (1 + 2x)^5+ (1 - 2x)^5 = a + bx + cx?
find the values of the constants a, b and c.

Answers

Answer:

steps below

Step-by-step explanation:

5th level of Pascal triangle: 1,5,10,10,5,1

(1+2x)⁵ = 1*1⁵*(2x)⁰+5*1⁴*2x+10*1³*(2x)²+10*1²*(2x)³+5*1¹(2x)⁴+1*1⁰*(2x)⁵

           = 1 + 10x + 40x² + 80x³ + 80x⁴ + 32x⁵   .. (1)

(1-2x)⁵ =  1  - 10x + 40x² - 80x³  + 80x⁴ - 32x⁵  .. (2)

(1)+(2): (1+2x)⁵ + (1-2x)⁵ = 160x⁴ + 80x² +2

a + bx + cx ?? suppose it's ax⁴ + bx² + cx, if you have other set up.. adjust by yourself

a = 160,    b = 80,    c = 2

joseph traveled from Boston to Framingham at 50 mph and then back to boston at 40 mph, What was Joseph average speed on the round trip
*IT SAYS 45 IS NOT THE ANSWER*
*EXPLAIN HOW TO SOLVE IT*
30 BRAINLY POINTS!!!!!
AND BRAINLIEST!

Answers

Answer: 44.44 mph

(50 + 40) / 2 = X

88.88/2 = X

44.44= X

Step-by-step explanation:

What is the definition of a rational function?

Answers

Answer:

any function which can be written as the ratio of two polynomial functions.

have a nice day <3

Just add a random answer

Answers

thx ig lol how are u

A squirrel burrowed 6 holes in 2 minutes. How many holes could the squirrel burrow in 7 minutes?

Answers

7 minutes= 2 minutes x 3.5

The squirrel burrowed 6 holes in 2 minutes.
To find how many holes the squirrel burrows in 7 minutes we multiply 6 x 3.5= 21.

Alternate method:

If the squirrel burrows 6 holes in 2 minutes that means he has burrowed 3 holes in 1 minute.
Multiply the number of holes burrowed in 1 minute by 7 to get 21.

Answer:

21 holes

Step-by-step explanation:

6 holes/2 minutes = x/7 minutes (cross multiply)

(6*7)/2 = 42/2 = 21 holes

Find the unknown sizes of angles in the following figure (I need step by step explanation and i might give brainliest):​

Answers

Answer:

x = 54° , y = 29°

Step-by-step explanation:

The sum of the 3 angles in Δ ABC = 180° then

x = 180° - (72 + 54)° = 180° - 126° = 54°

The exterior angle of a triangle is equal to the sum of the 2 opposite interior angles.

x is an exterior angle of Δ CQR , then

y + 25° = x

y + 25° = 54° ( subtract 25° from both sides )

y = 29°

Answer:

x = 54

y = 29

Step-by-step explanation:

First, find the magnitude of x. To do this, add the angles inside triangle ABC, which means to add 72 + 54 + x which is equal to 180 because of the rule, the sum of the interior angles of a triangle is 180. So, when the equation is simplified, you get the answer as x = 54. Then, find the magnitude of y. The magnitude of an angle drawn around a point on a straight line is always 360, and the magnitude of the same point, but only on one side of the straight line is always 180. So, we can say that the unnamed angle in the triangle CQR is 180-x, which means 180-54 because we got x as 54 earlier. Therefore, the magnitude of the unnamed angle is 126. Now, apply the same rule we used before, the sum of the interior angles of a triangle is 180, to the triangle QCR. 25 + 126 + y = 180. When this is simplified, 29 is obtained.

To find x,

 72 + 54 + x = 180 (the sum of the interior angles of a triangle is 180)

        126 + x = 180

126 + x - 126 = 180 - 126

                  x = 54

To find y,

25 + 126 + y = 180

         151 + y = 180

 151 + y - 151 = 180 - 151

                  y = 29

Write the slope intercept form of the equation of the line through the given point with the given slope.

(0,-1), slope=3

Answers

Step-by-step explanation:

y=mx+c

-1=3(0)+c

c=-1

y=3x-1

I need some help with this plz

Answers

Answer: acute angle

Step-by-step explanation:

greatest common factor of 5, 6 and 15

Answers

Answer:

1

Step-by-step explanation:

As you can see when you list out the factors of each number, 1 is the greatest number that 5, 6, and 15 divides into.

Can you help me solve this please

Answers

adhir man gati kam ke prachin kaun charitra hai iska uttar kya hoga

A 2-column table with 6 rows. Column 1 is labeled Height (inches) with entries 30, 46, 49, 63, 67, 73. Column 2 is labeled Arm Span (inches) with entries 27, 45, 47, 63, 69, 71.
1. Label axes according to input/output.



is the x–axis label.


is the y–axis label.
2. Plot the ordered pairs of the independent/dependent variables.

The ordered pair
is found in the scatterplot.

Answers

Answer:

1. Hight (in.)

2.Arm span (in.)

3.(30,27)

Answer:

1. Hight (in.)

2.Arm span (in.)

3.(30,27)

Step-by-step explanation:

I'm late but hope this helps

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