Riley invested $1,000 in savings bonds. If the bondsearn 6.75% interest comnpounded annually, howmuch total will Riley earn in 15 years?

Answered: Riley invested $1,000 in savings bonds.…

Riley invested $1,000 in savings bonds. If the bonds earn 6.75% interest compounded annually, how much total will Riley earn in 15 years?

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter10: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 443RE: Elise invests $4500 in an account that compounds interest monthly and earns 6%. How long will it...

See similar textbooks

Related questions

Q: If money is worth 4% compounded quarterly, how much (in $) would the house have cost if she had paid…

A: Concept: The trigonometric ratio are ratios, sine, cosine, tangent, cosecant, secant and cotangent.…

Q: Jackson invested $81,000 in an account paying an interest rate of 6,% compounded monthly. Angel…

A: for both Jackson and Angel , P is $81,000. now Time is 16 years. for Jackson Rate, r is 6.5% which…

Q: If you invest $30,000 at 4.76% interest paid quarterly, how long would it take you to double your…

A: PrincipalP=30,000 Rate of interest r=4.76%=0.0476 Double the principal A=60,000 To find: time t…

Q: Camilla has $18,220 in a savings account. The interest rate is 5% per year and is not compounded. To…

Q: A principal of P86, 000 will amount to how much when invested 2 years and 6 months at 11.25%…

Q: Kim borrowed $9,000 at 2 3/8% interest compounded daily. How much will she have to pay back…

A: The amount earned when P amount is invested in a scheme offering compound interest at a rate of r%…

Q: You deposit $1000, and it grows to $1,500 in 5 years. What is your annual return?

Q: Bentley invested $750 in an account paying an interest rate of 1% compounded daily. Julia invested…

Q: Jeremy invested his savings in a bank at 5.00% compounded monthly. How much money did he invest to…

A: Solve the above question.

Q: Tara invested $8,890 in an account with an interest rate of 7.5% that was compounded quarterly. How…

A: When the interest is compounded, then the formula used is A=P1+rnnt , where, A is the final amount,…

Q: Lupita deposited $5,000 into a savings account that earns 2% interest compounded annually. Rounded…

A: We are given with the interest rate and time duration and the initial payment and we have to find…

Q: How much did John deposit every month in her savings account if she had $10,000 after 33 month-end…

A: We know that from the ordinary annuity formula, A=PMT1+rnny-1rn…

Q: an

Q: If you invest $2,593 compounded annually at 8.5%, how long will it take to double your investment?

Q: Suppose you spend $12 a week on snacks. If you donate half that amount to a charity, how much will…

A: Given that, you spend $12 a week on snacks.

Q: Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and the other…

A: We will use: If P dollars is invested at a yearly rate of interest r per year, compounded m times…

Q: If you invest $2000 at 6% compounded monthly, how long will it take the account to double in value?

Q: If you invested $2,300 at 12% interest, compounded daily, then how much would this investment be…

A: Given : $2300 is invested at 12% interest, compounded daily

Q: Henry has inherited $18 000 and would like to invest the money to pay for new car in two years. If…

A: The amount he invested for new car is: P = $18,000 Interest rate: r = 4.9% Interest is compounded…

Q: Curtis invested $4200 into an account that pays 1% interest compounded annually. How much money…

Q: If you invested $10,000 at 9% interest, compounded quarterly, then how much would this investment be…

Q: Mika's parents want to have enough saved to give her $15 000 a year - for 4 years of college. They…

A: Mika's parents want to give $15000 per year for 4 years of college. Therefore they want to give…

Q: How much final amount would Abraham receive if he invest P100,000 for 1 year and 3 months at 11%…

A: Use the formula to calculate the simple interest as follows:

Q: Darnell deposts $4000 in a bank account which pays 13.39% interest compounded monthly. How many…

Q: A bank loaned out $600,000, a part of it at the rate of 12% per year and the rest at a rate of 6%…

A: Let the amount loaned at 12% be: x Let the amount loaned at 6% be: y Total amount loaned out is: $…

Q: A principal of $4900 is invested at 4.25% interest, compounded annually. How much will the…

A: use the formula for compound interest for finding the amount.

Q: If you want to accumulate $ 28,000 in 5 years to purchase a car, how much you need to invest today…

Q: Warren has $40 in a savings account that earns 10% interest, compounded annually. To the nearest…

Q: Jessica would like to have $36,000 to buy a new car in 9 years. To accumulate 36,000 in 9 years, how…

A: We have to find that how much would Jessica need to invest monthly in a sinking fund with 6%…

Q: Laurie has $2,500 in an investment account. What annually compounded interest rate would she need to…

Q: A principal of $4800 is invested at 6.75% interest, compounded annually. How much will the…

Q: Karl buys a $2500 investment certificate that pays 3.75% simple interest per year. How much more…

A: The term per cent means for every hundred. A fraction whose denominator is 100 is called a…

Q: Abigail invested $77,000 in an account paying an interest rate of 8% compounded annually. Gavin…

Q: Bo won $10,000 on a scratch-off lottery ticket. In five years, he wants to buy a new bass boat that…

Q: How much will P54,200 be in 24 months at 4% compounded monthly?

Q: Ms. Roberts decided to invest some money in an insurance company with an interest rate of 9%…

A: Given that interest rate is 9%. The formula for calculating compound interest is given by, A= P(1+…

Q: Michael invested $50,500 in an account with an interest rate of 4.5% that was compounded annually.…

A: The amount for the compound interest is given by the formula as follows A=P1+rnnt where P is the…

Q: Your paycheck each week is $500.00. If you want to save $2000.00 in one year, how much should you…

Q: If you want to earn 5% simple interest, how much should you pay for a note that will be worth…

Q: Ms. Cruz borrowed ₱50, 000 and repaid it 5 years later. If money earns interest at16% compounded…

Q: Given the principal of $5000 and an investment that pays 8% interest, compounded monthly. How much…

A: Consider the given information. The principal amount is $5000 at the rate of 8% and invested for 7…

Q: Lucy deposits $8000 into an account that pays simple interest at a rate of 3% per year. How much…

Q: Zach invested in a term deposit that paid 4% per annum and in a municipal bond that paid 6% per…

A: Given: Zach invested in a term deposit that paid 4% per annum and in a municipal bond that paid 6%…

Q: A company needs $3,600,000 in order to expand their factory how much should the company invest each…

A: Given, FV=$3600000 r=9.4%/52 n=52×14

Q: Dylan invested $700 in an account paying an interest rate of 1 % compounded quarterly. Sebastian…

A: Given: Dylan:Invested amount=$700Interest rate=134%Number of conversions=compounded…

Q: Olivia invested $1000 in an account that pays 2.75% interest compounded annually. Assuming no…

A: Amount to be received after t years and at r%=Initial amount *(1+r/100)t

Q: A bank pays 6 % interest annually on savings, compounding the interest yearly. If we deposit $1000,…

A: Consider the given information.

Q: If you want to accumulate $ 28,000 in 5 years to purchase a car, how much you need to invest today…

Q: If Tina wants to earn 10% annual simple interest on an investment, how much should she invest to…

A: Topic:- simple interest

Q: The APR of Bessie's savings account is 6%, and interest is compounded monthly. If the principal in…

Question

Riley invested $1,000 in savings bonds. If the bonds
earn 6.75% interest comnpounded annually, how
much total will Riley earn in 15 years?

Expert Solution

Step 1

Compound interest

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Susana invested a principal of $36,000 in her bank account that earned simple interest at an interest rate of 6.5%. How much interest did she earn in three years?
In five years, Gloria’s bank account earned $2,400 interest at 5% simple interest. How much had she deposited in the account?
Elliot has a landscape maintenance business. His monthly expenses are $1,100. If he charges $60 per job, how many jobs must he do to earn a profit of at least $4,000 a month?
Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would pay $6,596.25 in interest over five years. How much did he borrow to pay for his car?
What is the total effect on the economy of a government tax rebate of $1,000 to each household in order to stimulate the economy if each household will spend 90% of the rebate in goods and services?
Jamal wants to save 54,000 for a down paymenton a home. How much will he need to invest in anaccount with 8.2 APR, compounding daily, in orderto reach his goal in 5 years?
Elise invests $4500 in an account that compounds interest monthly and earns 6%. How long will it take for her money to double?
Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what would his monthly deposits need to be if he invests in an account offering a 4.2% annual interest rate that compounds monthly?