lolitanymph
lolitanymph lolitanymph
  • 14-11-2018
  • Mathematics
contestada

You are planning to invest $500 at 12% compounded annually. How much money would you have after 10 , 20 and 30 years?

Respuesta :

apologiabiology
apologiabiology apologiabiology
  • 14-11-2018

[tex]A=P(1+r)^t[/tex]

where A=final amount

P=principal

r=rate in decimal form

t=time in years


we are given that P=500, r=12%=0.12

we want to find A when t=10, 20, and 30


so

[tex]A=500(1+0.12)^t[/tex]

[tex]A=500(1.12)^t[/tex]

when t=10, [tex]A=500(1.12)^{10}=$1552.92[/tex]

when t=20, [tex]A=500(1.12)^{20}=$4823.15[/tex]

when t=30, [tex]A=500(1.12)^{30}=$14980.96[/tex]

Answer Link
wghitustl
wghitustl wghitustl
  • 14-11-2018

10years: 500*(1+12%)^10=1553

20years: 500*(1+12%)^20=4823

30years: 500*(1+12%)^30=14980


Answer Link

Otras preguntas

Each square on Olivia's chessboard is 11 square centimeters.A chessboard has 8 squares on each sid.To the nearest tenth,what is the width of Olivia's chessboard
Explain how knowing that 5 divided by 8 =0.625 helps you write the decimal for 4 4/8.
A 1.8-kg object moves in the x direction according to the following function: x(t) = 2t2 + 3t − 5 (SI units). What is the force on the object after 2.7 s?
Use properties to find the sum or product
What does human characteristics mean?
Ok so, 1, 5, 17, and 53. What's my rule?
Write 3.050904 in expanded form in two ways.
what is the distributive property of  85 divided dy 5
1/4 (3x - 16) + 1/4x = 5 and 1/3 PLZ!
What does human characteristics mean?