Michael wants to save $46,000.00 for a down payment on a home. How much will he need to invest in an account with 6.1% APR, compounding daily, in order to reach his goal in 7 years? Round the answer to the nearest cent

Answers

Answer 1

Step-by-step explanation:

Simple Interest

Discussing interest starts with the principal, or amount your account starts with. This could be a starting investment, or the starting amount of a loan. Interest, in its most simple form, is calculated as a percent of the principal. For example, if you borrowed $100 from a friend and agree to repay it with 5% interest, then the amount of interest you would pay would just be 5% of 100: $100(0.05) = $5. The total amount you would repay would be $105, the original principal plus the interest.

four rolled-up dollar bills seeming to grow out of dirt, with a miniature rake lying in between them

SIMPLE ONE-TIME INTEREST

I

=

P

0

r

A

=

P

0

+

I

=

P

0

+

P

0

r

=

P

0

(

1

+

r

)

I is the interest

A is the end amount: principal plus interest

P

0

is the principal (starting amount)

r is the interest rate (in decimal form. Example: 5% = 0.05)

EXAMPLES

A friend asks to borrow $300 and agrees to repay it in 30 days with 3% interest. How much interest will you earn?

Show Solution

The following video works through this example in detail.

One-time simple interest is only common for extremely short-term loans. For longer term loans, it is common for interest to be paid on a daily, monthly, quarterly, or annual basis. In that case, interest would be earned regularly.

For example, bonds are essentially a loan made to the bond issuer (a company or government) by you, the bond holder. In return for the loan, the issuer agrees to pay interest, often annually. Bonds have a maturity date, at which time the issuer pays back the original bond value.

EXERCISES

Suppose your city is building a new park, and issues bonds to raise the money to build it. You obtain a $1,000 bond that pays 5% interest annually that matures in 5 years. How much interest will you earn?

Show Solution

Further explanation about solving this example can be seen here.


Related Questions

HELPPPPPPPPPPPP PLEASEEEE

Answers

Answer:4

Step-by-step explanation:

A.4/10
B.1/20
C.3/40
D.2/20

Answers

Answer:

it's C. 3/40

Step-by-step explanation:

ghjfrukkbf

Find the values of a and b.

Answers

Step-by-step explanation:

Substitute x=0x=0 to get a3+b2=−56a3+b2=−56 and x=−1x=−1 to get a2+b=−12a2+b=−12 and solve them to get a=−7,b=3

What is
(1/2)^2- 1/2 -6








.

Answers

Answer:

-6.25 tI am not sure if this can help you but this is what I got

Enter an inequality that represents the phrase "the sum of 4 and y is less than 6." Draw a graph that represents the inequality.
Please help AND give a good explanation. Like I am finding this super hard and well I can NOT get this question wrong unless I want a C on this. Help :(

Answers

9514 1404 393

Answer:

  4 + y < 6

  see attached for a graph

Step-by-step explanation:

The English description "the sum of A and B" is written symbolically as ...

  A + B

The symbol for "is less than" is <.

Then "the sum of 4 and y is less than 6" will be written ...

  4 + y < 6

__

The solution to this is found by subtracting 4 from both sides of the inequality:

  4 +y -4 < 6 -4

  y < 2 . . . . . . . . . simplified solution

The graph of this is a number line with an open circle at y=2, and shading to the left of that point, where values on the number line are less than 2.

Parallelogram A and B are similar. What is the scale factor from rectangle A to B? 12 2 5 А B 4.8

Answers

Answer:

i dont get it

Step-by-step explanation:

Place value of 4 in 23,56,456 is​

Answers

It is in the hundreds place. pls mark me as brainliest!

Answer:

Hundreds

Step-by-step explanation:

Standard Form:

2,356,456

Place Value:

From left to right for 2,356,456

Digit Place Value

2 Millions

3 Hundred Thousands

5 Ten Thousands

6 Thousands

4 Hundreds

5 Tens

6 Ones

Word Form:

2,356,456 =

two million three hundred fifty-six thousand four hundred fifty-six

Solve : (6a -5b -8c) - ( 15b + 2a - 5c)

Answers

Answer:

4a - 20b - 3c

Step-by-step explanation:

6a - 5b - 8c - 15b - 2a + 5c

= 4a - 20b - 3c

I HOPE IT WILL HELP YOU.

Thank you.

I HOPE YOUR DAY GOES GREAT.

please help will give brainliest
options are
w=v/lh
w=lh/v
w=vl/h
w=vm/l

Answers

Answer:

B

Step-by-step explanation:

Answer

BBBBBBBBBBBBBBB

Step-by-step explanation:

What is the area of this trapezoid?



Enter your answer in the box.

= cm²

Answers

A = 440

answer...

A

=

a

+

b

2

h

=

25

+

19

2

·

20

=

440

2 Find an equation in the form y = ax? + bx + c for the parabola passing through the points. (3. – 56). (-1, - 16). (-2,- 51)
help me please!!!​

Answers

Answer:

Step-by-step explanation:

Many ways to do this in the details.

All start by writing three equations with three unknowns

-56 = a(3²) + b(3) + c

-56 = 9a + 3b + c          1)

-16 = a(-1²) + b(-1) + c

-16 = a - b + c               2)

-51  = a(-2²) + b(-2) + c  

-51  = 4a - 2b + c           3)

subtract equation 2 from equation 1

-40 = 8a + 4b

--10 = 2a + b

b = -10 - 2a                 4)

subtract equation 3 from equation 1

-5 = 5a + 5b

-1 = a + b                   5)

substitute 4 into 5

-1 = a + (-10 - 2a)

-1 = - a - 10

a = - 9

substitute a into 4

b = -10 - 2(-9)

b = 8

substitute a and b into any of 1, 2, or 3

-51  = 4(-9) - 2(8) + c

-51  = -36 - 16 + c

c = 1

y = -9x² + 8x + 1

We can use a plotting calculator to confirm our result.

Based on your equation, what was the car’s approximate initial velocity (at time=0)?

Answers

From the intercept of the line of best-fit, the car’s approximate initial velocity was of 5.7 m/s.

How to find the equation of linear regression?

To find the regression equation, also called line of best fit or least squares regression equation, we need to insert the points (x,y) in the calculator. These points are given on a table or in a scatter plot in the problem.

For this problem, the input and the output are defined as follows:

Input: Time in seconds.Output: Velocity in m/s.

Hence the points are given by:

(2, 13.1), (4, 19.8), (6, 28.1), (8, 34.6).

Using these points and a calculator, the equation is:

v = 3.64s + 5.7

The intercept of 5.7 represents the initial velocity in m/s.

A similar problem, also involving a line of best-fit, is given at https://brainly.com/question/22992800

#SPJ1

Write the converse inverse and contrapositive of the statement below

Answers

Answer:

c because if the converse is true then the inverse is also logically through

HELppppppppppppppppp

Answers

9514 1404 393

Answer:

40 -8p -3w$4

Step-by-step explanation:

Ms. Liu will have to pay 8p for p bags of popcorn, and 3w for w bottles of water. The amount she will have left will be these amounts subtracted from $40.

  40 -8p -3w . . . . represents the money remaining

For p=3 and w=4, this evaluates to ...

  40 -8(3) -3(4) = 40 -24 -12 = 4

Ms. Liu will have $4 left after her purchase.

Find the indicated values by using the table.

X= g(x)=2x+1

Answers

Answer:

g(10) = 21

g(0) = 1

g(10) = 21

g(22) = 45

g(28) = 57

g(16) = 33

Step-by-step explanation:

g(x) = 2x + 1

Then in order to find g(10), replace x over 10

g(10) = 2(10) + 1

g(10) = 20 + 1

g(10) = 21

so g(10) = 21

keep doing this to all of the problems and it should be answered the same way.

You deposit $9000 in an account that pays 5% interest compounded quarterly.

A. Find the value of one year

B.Use the future value formula for simple interest to determine the effective annual yield
(Formula: A=P(1 +rt)

Answers

Step-by-step explanation:

Given:

Deposit P = $9000Interest rate r = 5% = 0.05Time t = 1 yearNumber of compounds n = 4

A. Find the value of one year

[tex]A = P(1 + r/n)^{nt} = 9000(1+0.05/4)^4=9458.51[/tex]

B.  Use the future value formula for simple interest to determine the effective annual yield

[tex]A=P(1+rt)\\[/tex][tex]r=(A/P-1)/t[/tex][tex]r=(9458.51/9000-1)/1=0.0509[/tex] r = 5.1%

Answer:

A)  $9458.51

B)  5.09%  (2 d.p.)

Step-by-step explanation:

Part A

Compound Interest Formula

[tex]\large \text{$ \sf A=P\left(1+\frac{r}{n}\right)^{nt} $}[/tex]

where:

A = final amountP = principal amountr = interest rate (in decimal form)n = number of times interest applied per time periodt = number of time periods elapsed

Given:

P = $9000r = 5% = 0.05n = 4 (quarterly)t = 1 year

Substitute the given values into the formula and solve for A:

[tex]\implies \sf A=9000\left(1+\frac{0.05}{4}\right)^{4 \times 1}[/tex]

[tex]\implies \sf A=9000(1.0125)^4[/tex]

[tex]\implies \sf A=9458.508032...[/tex]

Therefore, the value of the account after 1 year is $9458.51.

Part B

Simple Interest Formula

A = P(1 + rt)

where:

A = final amountP = principalr = interest rate (in decimal form)t = time (in years)

Given:

A = $9458.51P = $9000t = 1 year

Substitute the given values into the formula and solve for r:

[tex]\implies \sf 9458.51=9000(1+r(1))[/tex]

[tex]\implies \sf 9458.51=9000(1+r)[/tex]

[tex]\implies \sf \dfrac{9458.51}{9000}=1+r[/tex]

[tex]\implies \sf r=\dfrac{9458.51}{9000}-1[/tex]

[tex]\implies \sf r=0.050945...[/tex]

[tex]\implies \sf r=5.0945... \%[/tex]

Therefore, the effective annual yield is 5.09% (2 d.p.).

Taylor is twice as old as jessi if you add their ages together you get 27 hold old are Taylor and jessi

Answers

Answer: Taylor is 14 and Jessi is 13

Step-by-step explanation:

Since you can't divide 27 by 2, you would most likely break it in half. SInce the question states that Taylor is still older, she would be 14, and Jessi 13.

Plz help I need help

Answers

Answer:

proportional

Step-by-step explanation:

hope this helps

Let's try it! If we set these two ratios equal to each other and cross-multiply, the results should be the same if they are, in fact, proportional.

8/20 = 20/80

400 ? 640

400 and 640 are not the same number, so these ratios are not proportional.

Hope this helps!! :)

Mrs. O'Brien's hens laid 9 dozen eggs today. Since a dozen is 12, how many eggs did the hens lay? (5th grade math LOL)

Answers

Answer:

108 eggs

Step-by-step explanation:

9×12=108 eggs

Hope it helps!!!

Adjoa’s gross salary for last month was Ghc4,687.24. If Ghc421.78 was deducted from Adjoa’s salary pay, how much take-home pay did Adjoa earn this past month?

Answers

Adjoa’s gross salary for last month was Ghc4,687.24. If Ghc421.78 was deducted from Adjoa’s salary pay, the take-home pay that Adjoa earn in the past month is Ghc4,265.46

The gross salary is the amount received by an individual prior to the deduction of the taxes.

Given that:

Adjoa's gross salary for last month = Ghc4,687.24and Ghc421.78 was deducted from Adjoa's salary pay.

Then, the take-home that Adjoa earned in the past month is calculated by removing the amount deducted from her gross salary.

i.e.

= Ghc4687.24 - Ghc421.78

= Ghc4,265.46

Learn more about gross salary here:

https://brainly.com/question/13582411?referrer=searchResults

https://brainly.com/question/16688602

What is jk? Please help asap!!!

Answers

Answer:

20 m

Step-by-step explanation:

We can see from the hatch marks that JK is equal to one half of HG

2(6x - 4) = 10x

12x - 8 = 10x

2x - 8 = 0

2x = 8

x = 8/2

x = 4

therefore to find JK we will substitute x with 4

JK = (6(4)-4) = 24 - 4 = 20m

lim┬(x→1)⁡〖(1-√x)/(x^2-1)〗

Answers

Answer:

- 1/4

Step-by-step explanation:

[tex]\frac{1-\sqrt{x} }{x^{2}-1 } = \frac{(1-\sqrt{x})*(1+\sqrt{x} ) }{(x+1)(x-1)(1+\sqrt{x} )} \\= \frac{1-x}{-(1-x)(x+1)(1+\sqrt{x} )} \\= - \frac{1}{(x+1)(1+\sqrt{x} )} \\ \lim_{->1} - \frac{1}{(x+1)(1+\sqrt{x} )} \\ = -\frac{1}{(1+1)(1+\sqrt{1}) } = - 1/4[/tex]

Wow very good answer

The sum of two numbers, x and y, is 12. The difference of four times the larger number and two times the smaller number is 18. Which system of equations should you use to find the two numbers?

Answers

Answer:

4x – 2y = 18

Step-by-step explanation:

Hope this helps!

6x < 36
what is the right answer
X< or >6

Answers

Answer:

X < 6

Step-by-step explanation:

Since 6 times 6 = 36, then for this equation to be true, x would have to be less than 6.

Im not sure what method is best used to solve these types of inequalities.

Answers

Answer:

There is no specific method you can solve it as you like

Step-by-step explanation:

you can do it as a normal equation first get rid of the (x-9) by multiplying the whole radical by x-9/x-9, then you will get rid of the x-9 down and you will have (x-9) . (x+6) . (x-1) [tex]\leq[/tex] 0 then multiply them together and solve it normally. Also dont forget to do the check part :)

If you need further help comment down :)

Answer:

I would say solve for the x value

Step-by-step explanation:

Zaby does 15 Joules of work to push the pencil over 1 meter. How much force did he use?

Answers

When converted to a household measurement, 9 kilograms is approximately equal to a

A gardener grows sunflowers and records the heights, y , in centimeters, each day, x . The table shows the gardener’s data.

Answers

Answer:

Explanation is in a file

Step-by-step explanation:

The equation that represents the relation in this situation is: y = 3x + 8

What equation does represent the relationships between x and y?

The relationship between days (x) and height (y) is a linear one. Each day, the height increases by 3 centimeters, and the initial height is 8 centimeters (y-intercept).

This can be represented by the equation y = 3x + 8, where 3 is the rate of increase per day and 8 is the initial height. This equation accurately models the given data points: (1, 11), (2, 14), (3, 17), and (4, 20).

Note: This question is incomplete. Here is the complete information:
Which equations represents the relationships between x and y?

Learn more about equations in: https://brainly.com/question/10724260
#SPJ3

What is the sum of the columns and rows?

Answers

Answer: 90

6+15+24=45

45*2=90 (the numbers are the same so just x2)

Write the equation of the line passing through the points (-7,8) and (7,2) The equation of the line is [ ]Can someone please help me!!!

Answers

Answer:

y = -3/7x + 5

Step-by-step explanation:

y2 - y1 / x2 - x1

2 - 8 / 7 - (-7)

-6/14

= -3/7

y = -3/7x + b

2 = -3/7(7) + b

2 = -3 + b

5 = b

What is the value of the expression (2.75) (5.2)?

Answers

Answer:

14.3

Step-by-step explanation:

2.75 * 5.2=14.3

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