Jerod hopes to earn $1200 in interest in 4.9 years time from $24,000 that he has available to invest. To decide if it's feasible to do this by investing In an account that compounds monthly, he needs to determine the annual interest rate such an account would have to offer for him to meet his goal. What would the annual rate of interest have to be? Round to two decimal places

Answers

Answer 1

Answer:

The annual interest rate would have to be of 0.1%.

Step-by-step explanation:

Compound interest:

The compound interest formula is given by:

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

Where 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 and t is the time in years for which the money is invested or borrowed.

Jerod hopes to earn $1200 in interest in 4.9 years time from $24,000 that he has available to invest.

This means that:

[tex]A(4.9) = 1200 + 24000 = 25200[/tex]

[tex]t = 4.9[/tex]

[tex]P = 24000[/tex]

Compounded monthly:

This means that [tex]n = 12[/tex]

What would the annual rate of interest have to be?

We have to solve for r, so:

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

[tex]25200 = 24000(1 + \frac{r}{12})^{12*4.9}[/tex]

[tex](1 + \frac{r}{12})^{12*4.9} = \frac{25200}{24000}[/tex]

[tex](1 + \frac{r}{12})^{58.8} = 1.05[/tex]

[tex]\sqrt[58.8]{(1 + \frac{r}{12})^{58.8}} = \sqrt[58.8]{1.05}[/tex]

[tex]1 + \frac{r}{12} = (1.05)^{\frac{1}{58.8}}[/tex]

[tex]1 + \frac{r}{12} = 1.00083[/tex]

[tex]\frac{r}{12} = 0.00083[/tex]

[tex]r = 12*0.00083[/tex]

[tex]r = 0.001 [/tex]

The annual interest rate would have to be of 0.1%.


Related Questions

Will mark BRAINLIEST if you help

Answers

The first box is -7 and the other one is just 7
x1 =-7 multiply 1; x2=7 multiplicity 1

Allen earns $7 an hour to wait tables at a restaurant. In addition, he makes an $8 tip from each
table. He waited 6 tables and made $104. Which equation(s) below could be used to find the
total number of hours he worked? How many hours did he work?

Answers

Answer:

he worked 8 hours

Step-by-step explanation:

104= 8 x 6 + 7x

104= 48 + 7x

56= 7x

x=8

104 - 48= 56

56/7

Answer:

Equation - 7h + 8t = $104

Hours Worked = 8

Step-by-step explanation:

First, let's create an equation!

7h + 8t = $104 (Our variables are h = # of hours, and t = # of tables)

Now, we have to input what we know! We know that Allen worked 6 tables.

7h + 8(6) = $104

and finally we can solve this equation!

7h + 48 = $104

     -48     -48

7h = 56

÷7    ÷7

h = 8

In conclusion, Allen worked 8 hours!

Hope this Helps! :)

Have any questions? Ask below in the comments and I will try my best to answer.

-SGO

WILL MARK BRAINLIEST!!

Answers

Answer:

x=10

Step-by-step explanation:

[tex]\frac{3}{3}[/tex]=[tex]\frac{x+3}{13}[/tex]

Solve by cross multiplying

13×3=39

3(x+3)=3x+9

3x+9=39

3x=30

x=10

Answer:

x=10

Step-by-step explanation:

Assuming that the triangles are similar to each other, you can set up ratios

[tex]\frac{3}{3}=\frac{13}{x+3}[/tex]

since 3/3 is 1 and we know that anything other than 0 over itself is 1, we can deduce that x=10

A pooled variance is an estimated weighted variance made up of several different populations when the mean of each population may be different, but one may assume that the variance of each population is the same.

a. True
b. False

Answers

Answer:

True

Step-by-step explanation:

Considering the above definition of Pooled Variance, the correct answer is TRUE.

This is because Pooled variance is used to determine the reasonable estimates of variance, where several repeated tests are expected at each value.

This helps to provide greater precision estimates of variance.

What Is The 8th Decimal Place Of Pi?

Answers

Answer:

5

Step-by-step explanation:

3.14159265

Answer:

5

Step-by-step explanation:

3.14159265

5 is the 8th decimal point of π

what is the solution for this equation?

In(x+6)-in(2x-1)=0

answers in the image!

Answers

Answer:

x=7

Step-by-step explanation:

ln(x+6)-ln(2x-1)=0

add ln(2x-1) to each side

ln(x+6) = ln(2x-1)

Raise each side to the base e

e^ln(x+6) = e^ln(2x-1)

x+6 = 2x-1

Subtract x from each side

x+6-x = 2x-1-x

6 = x-1

Add 1 to each side

6+1 = x-1+1

7=x

[tex]\boxed{\large{\bold{\textbf{\textsf{{\color{gold}{Answer \red{:)}}}}}}}}[/tex]

[tex]\sf ln(x+6)-ln(2x-1)=0\\\\\tt ln(x+6)=ln(2x-1)\\\\ \sf e^{ln(x+6)}=e^{ln(2x-1)}\\\\ \tt x+6=2x-1\\\\\sf 2x-1=6+1\\\\\bold x=7[/tex]

Which expression is equivalent to the following complex fraction?

Answers

Answer:

Option B

Step-by-step explanation:

Answered by Gauthmath

lmk if you don't understand my handwriting

Diane is jogging from her house to school. Her school is 3 5/8 miles from her house. She has gone 1/4 miles so far how many miles does Diane still have to jog. Write your answer as a mixed number in simplest form.

Answers

Answer:

3  3/8

Step-by-step explanation:

3.5/8 - 1/4 =  3   5/ 8 - 2/8  = 3  3/8

The median player salary for the Dallas Cowboys was $348,000 in 2004 and $555,000 in 2013.
Write a linear equation giving the median salary y in terms of the year x. Then use the equation to predict the median salary in 2019.

Answers

Answer:

Y =23,000X  -4,5744,000

in 2019 = $693,000

Step-by-step explanation:

x1 y1  x2 y2

2004 348000  2013 555000

   

(Y2-Y1) (555000)-(348000)=   207000  ΔY 207000

(X2-X1) (2013)-(2004)=    9  ΔX 9

   

slope= 23000          

B= -45744000          

   

Y =23000X  -45744000    

HELPPP I need help ASAP please help me

Answers

9514 1404 393

Answer:

  the first is two points; the second is the interval between (and including) those two points

Step-by-step explanation:

The equation ...

  4 = |x +5|

has two solutions:

  x ∈ {-9, -1}

__

In the interval between those two solutions the absolute value expression is less than 4. So, the second expression has a solution that is a range of values. Those values are in the interval whose boundaries are -9 and -1.

  x ∈ [-9, -1]

__

The solution to the second expression can be found as ...

  4 ≥ |x +5|

  4 ≥ x+5 ≥ -4 . . . . express as a compound inequality

  -1 ≥ x ≥ -9 . . . . . . subtract 5

__

The attached graph shows the two solutions. The solution to the first equation is the pair of (black) lines, x=-9 and x=-1. The solution to the second equation is the (orange) shaded interval -9 ≤ x ≤ -1.

The front row of an auditorium has 10 seats. There are 50 rows in total. If each row has 2 more seats than the row before it, which expression gives the total
number of seats in the last row?

A) 10 + 2(50 - 1)
A 10+ 2(50)
C) 50(10 + 2)
D) 10 + 2^50

Answers

Answer:

10+2(50-1)

Step-by-step explanation:

This is an arithmetic sequence

We know the first term a1 = 10

The common difference, d = 2

an = a1+d(n-1)

We want to find the number of terms when n = 50

a50 = 10+2(50-1)

Answer:

10 + 2 (50-1)

Step-by-step explanation:

Because this is an arithmatic sequence (sequence where the same number is added over and over) you would use the formula

(first number in sequence) + (number in sequence -1) * the difference in between each number in the sequence)

Plz help me find the measure of this angle to the nearest degree​

Answers

Answer:

? = 72.9

Step-by-step explanation:

Since this is a right triangle, we can use trig functions

cos theta = opp / hyp

cos ? = 15/51

Taking the inverse cos

cos ^-1 ( cos ?) = cos^-1 ( 15/51)

? =72.89536

To the nearest tenth

? = 72.9

the answer is ?=72.9

what is 4 9/6 as a mixed number

Answers

Answer:

33

Step-by-step explanation:

6x4+9= 33

33 would be ur answer i think :)

The pie chart shows student participation in fundraisers
at Mountain View Middle School.
Mountain View Middle School
Fundraisers
Which describes a bar diagram showing the percent of
students who participated in dances?
1 shaded square out of 10 squares
2 shaded squares out of 10 squares
3 shaded squares out of 10 squares
4 shaded squares out of 10 squares
20
Carnival
Car Wash
Bake Sale
Talent Show
10
50
5
15
Dances

Answers

If you add all of the numbers up, you get 100. Dances are colored purple, and that is 20. 20/100 simplified is 1/5. 1/5 is equivalent to 2/10. Therefore, the answer is 2 shaded squares out of 10 squares.

Answer:

Step-by-step explanation:

If you add all of the numbers up, you get 100. Dances are colored purple, and that is 20. 20/100 simplified is 1/5. 1/5 is equivalent to 2/10. Therefore, the answer is 2 shaded squares out of 10 squares.

Can someone help me solve this geometry problem down below?

Answers

Answer:

x = 29

Step-by-step explanation:

Given that both triangles are congruent to each other, therefore, their corresponding angles are congruent as well. This means all three angles in one is the same as all three corresponding angles of the other.

Therefore:

m<CAB = m<CDE = 74°

m<ABC = 2x (given)

m<BCA = 48° (given)

Thus:

m<CAB + m<ABC + m<BCA = 180° (sum of triangle)

Substitute

74 + 2x + 48 = 180

Add like terms

2x + 122 = 180

2x + 122 - 122 = 180 - 122

2x = 58

2x/2 = 58/2

x = 29

Given the range (1, 1), (4, 2), (2, -1), with a coordinate transformation of f(x, y) = (x-3, y+2), what is the domain?
A. (4, -1), (7, 0), (5, -3)

B. (-2, 3), (1, 4), (-1, 1)

C. (1, 1), (2, 4), (2, -1)

D. (3, 2), (12, 4), (-12, 2)

Answers

Answer:

B option b is your answer follow me please i also followed you

i not need i is smaat






Answers

Answer:

Sorry, what's your direct question here.

Select the correct answer.
Consider the expression below.
9+ 4(x + 2) - 3x
Select the term that best describes "3" in the given expression.
ОА
exponent
OB.
constant
ОС.
variable
OD.
coefficient

Answers

The 3 is a coefficient, so the answer is d.

Could someone possibly help me

Answers

Answer:

D) 0

Step-by-step explanation:

The statement says that some number is greater than -6. When the symbol is flipped to the left it means greater than and when it is the other way, <, it is less than. 0 is greater than -6, therefore the statement is made true. While it may seem like 0 is actually smaller this is not the case because the 6 is negative. That means that any number closer to positive numbers is larger.

Please Help!! :D

Find the value of y.

Answers

Answer:

[tex]y=2\sqrt{2}[/tex]

Step-by-step explanation:

The Pythagorean theorem is a theorem that can be applied to the sides of a right triangle. Please note that a right angle refers to an angle with a measure of (90) degrees. A box around an angle shows that the angle is a right angle, or has a measure of (90) degrees. The Pythagorean theorem states the following,

[tex]a^2+b^2=c^2[/tex]

Where (a) and (b) are the legs of the triangle, or the side adjacent to the right angle in the right triangle. (c) is the side opposite the right angle, or the hypotenuse of the triangle. One can apply this theorem to the smallest triangle in the diagram to find (y),

[tex]a^2+b^2=c^2[/tex]

Substitute,

[tex](1)^2+(y)^2=(3)^2[/tex]

Simplify,

[tex](1)^2+(y)^2=(3)^2[/tex]

[tex]1+y^2=9[/tex]

Inverse operations,

[tex]1+y^2=9[/tex]

[tex]y^2=8[/tex]

[tex]y=\sqrt{8}[/tex]

Take a factor from out of the square root. Remember that a number times itself under the radical is equal to the number. This can be simply stated as the following: ([tex]\sqrt{a*a}=a[/tex]),

[tex]y=\sqrt{8}[/tex]

[tex]8=2*2*2[/tex]

[tex]y=\sqrt{8}[/tex]

[tex]y=\sqrt{2*2*2}[/tex]

[tex]y=2\sqrt{2}[/tex]

What is the quadratic regression equation that fits these data?

Answers

9514 1404 393

Answer:

  D.  y = -0.32x² -1.26x +15.81

Step-by-step explanation:

This is one of those multiple-choice questions where you only need a vague idea of what the answer is supposed to look like.

In this case the answer must be a quadratic equation with a negative leading coefficient. (The parabola opens downward.)

The only answer choice that is a 2nd degree polynomial with a negative leading coefficient is choice D.

__

A: linear equation

B: exponential equation

C: quadratic that opens upward (positive leading coefficient)

D: quadratic that opens downward -- the answer you're looking for

What are the domain and range of f(x) = |x+6| ?

Answers

Answer: hey

Step-by-step explanation:

The millage rate is the amount of property tax per $1000 of the taxable value of
a home. For a certain county the millage rate is 29 mil. A city within the county
also imposes a flat fee of $101 per home.
a. Write a function representing the total amount of property tax T(x) for a home
with a taxable value of x thousand dollars.
b. Write an equation for T
-1(x).
c. What does the inverse function represent in the context of this problem?

Answers

9514 1404 393

Answer:

  a.  T(x) = 29x +101

  b.  T^-1(x) = (x -101)/29

  c.  the value of the home in thousands as a function of the tax on it

Step-by-step explanation:

a. The tax is $101 plus $29 per thousand of value. x is the value in thousands, so the tax is ...

  T(x) = 29x +101

__

b. The inverse function can be found by solving ...

  x = T(y)

  x = 29y +101

  x -101 = 29y

  y = (x -101)/29

  T^-1(x) = (x -101)/29

__

c. The function tells you the tax on a home worth x thousands.

The inverse function tells you the worth of the home in thousands when the tax on it is x.

What value of x makes the equation 3x +7=22

Answers

Answer:

x = 5

Step-by-step explanation:

Your goal is to isolate x

3x + 7 = 22

Subtract 7 from both sides and you are left with

3x = 15

In order to isolate x divide both sides by 3

x = 5

What is the difference between the temperature - 7 Celsius and - 12 Celsius on a scatter diagram

Answers

Answer:

Sự khác biệt giữa nhiệt độ - 7 độ C và - 12 độ C trên biểu đồ phân tán là gì

Step-by-step explanation:

Yanni read 24 pages of
a book. One third of the book is
still left to read. How many
pages are there in the
whole book?

Answers

Answer:

36 pages

Step-by-step explanation:

If one third of the book is left to read until completion, then Yanni has read two thirds of the book so far.

24 pages is equal to two thirds, so one third will be half of this; 12 pages.

The whole book is three thirds, so 12 * 3, which is 36 pages

Answer:

di gun0ifulgwuytid5

Step-by-step explanation:

DJ e57

Which polynomial is prime?
Plz help!

Answers

B I’m pretty sure xx

The American National Standards Institute specifications state that the
maximum slope of a wheelchair ramp should be one twelfth i.
The new ramp measures 5 feet high at its highest point and stretches
50 feet horizontally. Will this ramp pass specifications?

Answers

Answer:

No.

Step-by-step explanation:

Given that :

Maximum accepted Ramp slope = 1/12

A new ramp with :

Height range = 5 feets

Horizontal stretch = 50 feets

Th slope = Rise / Run = Height range / horizontal stretch = 5 / 50 = 1 / 10

1 / 10 > 1 / 12

This means the new ramp's slope is greater than than the maximum slope specification ; and hence not acceptable

Given the coordinates of two points on a line, explain two methods to determine the slope of the line.

Answers

Answer:

Step-by-step explanation:

1. Use the slope formula (y2 - y1 / x2 - x1)

2. Use the graph. Take two points and count the rise over the run.

What is the mode for the set of data?
Ages
Stem Leaves
6 0, 5, 8
7 0, 2, 3, 5, 7, 8, 9
8 0, 2, 3, 4, 5, 6, 8, 9
9 6, 6, 7, 8

6|0 = 60 years old
81
96
38
6

Answers

Answer:

96

Step-by-step explanation:

Mode is the number that appears most often

96 appears twice and is the only numbers that appears more than once

96 is the mode

Other Questions
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