Business
Engineering
Math
Science
Social ScienceSimple Interest ApplicationPPrt. Where A is the balance of the account after tSimple interest is given by the formula Ayears, and P is the starting principal invested at an annual percentage rate of r, expressed as a decimal.Julian is investing money into a savings account that pays 5% simple interest, and plans to leave it therefor 15 years. Determine what Julian needs to depositsavings account after 15 years.now in order to have a balance of $40,000 in hisJulian will have to invest $now in order to have a balance of $40,000 in hissavings account after 15 years. Round your answer to the nearest dollar.
Image Transcriptionclose
Simple Interest Application PPrt. Where A is the balance of the account after t Simple interest is given by the formula A years, and P is the starting principal invested at an annual percentage rate of r, expressed as a decimal. Julian is investing money into a savings account that pays 5% simple interest, and plans to leave it there for 15 years. Determine what Julian needs to deposit savings account after 15 years. now in order to have a balance of $40,000 in his Julian will have to invest $ now in order to have a balance of $40,000 in his savings account after 15 years. Round your answer to the nearest dollar.
Expert Answer
Given,
...
Image Transcriptionclose
A $40,000,r = 5% = 0.05 and t 15 _ We know that, A PPrt Let the investing amount be P 40,000 P P(0.05) (15) 40,000 P0.75P 40,000 1.75P P 22,857.14 P 22,857
Math
Algebra
Related Algebra Q&A
Find answers to questions asked by student like you
Show more Q&A addQ: x/3+10=15
A: Without the loss of generality, we solve the give question to find the value of x. Subtracting 10 fr...
Q: A store marks up a picture frame 80% from its wholesale price. In a clearance sale, the price is dis...
A: Given thatMarkup price for picture frame is 80% from its wholesale price.Given discount is 40% and s...
Q: Find the average rate of change on the interval. g(a) 4a on [2, 4
A: Click to see the answer
Q: Given g(x) = 4x2-2x+1, find (g(x+h) - g(x))/h.
A: Consider the given function:
Q: GiventheuniversalsetU={1,2,3,4,5,6,7,8},setsA={2,4},B={1,2,8},andC={1,2,5,6}, calculate the followin...
A: It is given that the universal set is U = {1,2,3,4,5,6,7,8} where Set A = {2,4}, Set B = {1,2,8} and...
Q: the cost of 5 cases of nuts and 5 cases of chips is $25.95. Two cases of nuts and 6 cases of chips i...
A: Let the cost of cases of nuts be x.Let the cost of the cases of chips be y.According to given condit...
Q: In 1980, the minimum wage was $3.10 per hour, and in 1997 it was $5.15 per hour. a) Find a linear fu...
A: Given that, in the year 1980, the minimum wage was $ 3.10 per hour and in the year 1997, it was $ 5....
Q: The point (−10,8) is on the graph of y=f(x). Find the corresponding point on the graph of y=g(x),...
A: It is given that the point (-10,8) is on the graph of the function
Q: A commuter plane provides transportation from an international airport to the surrounding cities. On...
A: Let distance two cities is x miles.
