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

You are given the difference of the numbers of boys and girls in a class and the ratio of boys to girls. How many boys and how many girls are in the class?
3 more boys; 5 for every 4

Answers

9514 1404 393

Answer:

15 boys12 girls

Step-by-step explanation:

The difference in ratio units is 5 - 4 = 1. The difference in actual quantity is 3, so 1 ratio unit must represent 3 students.

There are 5×3 = 15 boys.

There are 4×3 = 12 girls.

Describe the range of values for the correlation coefficient.

Answers

Answer:

The range of values for the correlation coefficient is -1 to 1 inclusive

Step-by-step explanation:

HURRY PLEASEEEEE

The measure of segment AB with a(-4,-9) and B(4, -3) is

Answers

Answer: 10

Step-by-step explanation:

using [tex]d = \sqrt{(x_{1}-x_{2} )^{2} +(y_{1}- y_{2} )^{2} }[/tex] when [tex]P_{1} =(x_{1} ,y_{1} )[/tex] and [tex]P_{2} = (x_{2}, y_{2})[/tex]

so [tex]d = \sqrt{((-4)-4)^{2}+((-9)-(-3))^{2} }[/tex]

[tex]d = \sqrt{(-4-4)^{2}+(-9+3)^{2} }[/tex]

[tex]d = \sqrt{(-8)^{2}+(-6)^{2} }[/tex]

[tex]d = \sqrt{64+36}[/tex]

[tex]d= \sqrt{100}[/tex]

[tex]d = 10[/tex]

please give me a brainliest answer

A student in a foreign language program learns 15 new words each week. Which graph best represents the relationship between x, the number of weeks the student has been in the program and y, the total number of new words the student has learned

Answers

Linear equations are represented by straight line.

The required graph is graph (a).

The given parameters are:

[tex]\mathbf{Rate =15}[/tex]

Let x represents the number of weeks, and y represents the number of words in week x.

So, we have:

[tex]\mathbf{y = Rate \times x}[/tex]

Substitute 15 for Rate

[tex]\mathbf{y = 15\times x}[/tex]

[tex]\mathbf{y = 15x}[/tex]

The above equation means that:

[tex]\mathbf{(x,y) = (0,0)(1,15),(2,30)....}[/tex]

The graph that represents the above ordered pair is graph (a).

Read more about graphs at:

https://brainly.com/question/20853486

Answer:

im lost

Step-by-step explanation:

;;..

do -24 and -24 cancel each other out

Answers

No it does not the those together would be -48!

​NEED HELP ASAP RIGHT ANSWER ONLY 69 POINTS
In two or more complete sentences, determine the appropriate model for the given data and explain how you made your decision.

(2,−1), (3,0.5), (6,1.5),

Answers

Answer:

A Least Square Regression Line is the best thing to use for this because there is inconsistencies and no direct equation to be able to fill all of these points. They may be outliers and therefore we should use a calculator for a Regression Line to be calculated to find the residual.

Step-by-step explanation:

Can Somone plsss help me

Answers

Answer:

from tjwuxrsnsu hshwjdysgw ehsshejisgwnd jrsysjsgshd

from pressure to balance is the answer i think

PLEASE HELP ILL MARK BRAINLIEST

Find the zeros of the function write as ordered pairs

Answers

Answer:

Step-by-step explanation:

You can do nothing more than just write the ordered pairs.

(1,0)

(-1.5,0)

(-3.75,0)

Will give Brainliest! Performance Task Logistic Models. Graph Included

Use a graphing tool and the data provided in the table in Part one to write a logistic regression equation for the generation of wind in the state of Kansas.​

Answers

Answer:

sorry I don't know you can tell answer

Answer:

I had the project and this is what I submitted. Make sure you rewrite it in your own words to avoid plagiarism and I got 100% on the assignment. Enjoy :)

Step-by-step explanation:

Had the project and all these answers are correct

Use a truth table to determine whether to two statements are equivalent

Answers

Answer:

equivalent yan kasi pareho lang den nmn letters lng naiba

solve pls brainliest

Tell me where to put the dot

Answers

Answer:

You will put one mark in front of 5 and the other in front of 10. For question a the answer is 11 is to the right of 6. For question B the correct answer is that 11 is greater then 6 or >

Step-by-step explanation:

help me with this question please!!

Answers

Answer:

A = 2 pi R^2 + 2 pi R h         total surface area

R^2 = 48       2 pi R = 8 * 6^1.2     given

56 pi 6^1/2 - 2 pi R^2 = 2 pi R h     f rom first formula

28 *  6^1/2 /  R - R = h          divide by 2 pi r

28 *  6^1/2 /  R  = 28 * 6^1/2 / (4 3^1/2) = 7 * 2^1/2

h = 7 * 2^1/2 - 4 * 3^1/2

A kennel charges $15 per day board dogs. Upon arrival, each dog must have a flea bath that costs $12.

Part A: Write a function rule for the total cost for n days of boarding plus a bath.

Part B: How much does a 10-day stay cost?

Part C: Does a 5-day stay cost half as much as a 10-day stay? Explain.


What I Think:


I think the function rule is C=15+12n.

10-day stay cost: 135

5-day stay: 75. No, a 5-day stay does not cost half as much as the 10-day stay.

Is this correct???

Answers

Your answer makes sense. Though I would recommend using a different variable for each dog at the kennel. Like D. But other than that you're good!

Hey can you please help me

Answers

Answer:

dont understand

Step-by-step explanation:

Jennifer babysat for 5 hours and earned
$52.50. What is her hourly rate of pay?

Answers

Answer:

$10.50

Step-by-step explanation:

Answer:

$10.50

Step-by-step explanation:

Just do 52.50 divided by 5 to find the amount she is paid per hour, and that’s 10.5. Meaning she gets paid $10.50 per hour.

Ten times the smallest of three consecutive integers is 213 more than the sum of the other two integers. Find the integers.

Answers

Answer:

27,28 and 29

Step-by-step explanation:

10*a = a+1+a+2+213

10a - 2a = 216

8a = 216

a = 27

27, 28, and 29

Help me please (I have to write something to send a question)​

Answers

Answer:

1. This helps me to know if the answer of an opposite integer will be positive or negative by simply subtracting their absolute values then put the sign of the largest absolute value between the two.

2. By identifying first the largest absolute value of the two integers that are being add up. Without, calculations, i will know the sign of the sum.

3. the picture attached is the answer

Step-by-step explanation:

hope it will help you

Georgia's baby brother weighed less than 11 pounds when he was born. Which of the following could be the number of ounces Georgia's baby brother weighed? Select all that apply. Note: 1 pound = 16 ounces

Answers

Answer:

Georgia's brother  > 176 Ounces

Step-by-step explanation:

He weighed LESS THAN 11 pounds, which is equal to 176 ounces. He must have weighed 175 ounces or less.

Answer:

0<x<176

Step-by-step explanation:

use the distributive law to factor.
16m + 6n

Answers

Using the distributive law to factor, the expression becomes 16m + 6n = 2(8m + 3n)

GIven three integers A, B and C, according to the distributive property;

A(B+C) = AB + BC

Given the expression 16m + 6n

First, we need to get the factors of both terms

16m = 2 * 8 * m

6n = 2 * 3 * n

From both factors, we can see that 2 is common to both of them. Hence using the distributive law to factor, the expression becomes;

16m + 6n = 2(8m + 3n)

Learn more here: https://brainly.com/question/2118428

The total temperature measured by 3 thermometers was −15 degrees Fahrenheit.

What was the average temperature measured by the 3 thermometers?

Answers

-5 degrees Fahrenheit

Pairs of expressions are given. Select the pairs that are equivalent .

Answers

Answer:

All the options are correct

can anyone heelp me pls pls

Answers

Lotion - Liquid

Suspension - semisolid

Capsule - solid

hope this helps: )

write 5,004,300 in standard form

Answers

Answer:

5.403×10⁶

Step-by-step explanation:

5.403×10⁶= 5004300

please mark me brainliest

An academy requires there to be 3 teachers for every 72 students and 5 tutors for every 60 students. How many students does the academy have per teacher? Per tutor? How many tutors does the academy need if it has 132 students?

Answers

For every 24 students there is one teacher. For every 12 students is one tutor. If the Academy had 132 students then you will need 11 tutors.

pls help meeeee
pls....​

Answers

Answer:

1→10

Step-by-step explanation:

12

27

45

105/4

49/2

2/15

2/9

22/45

7/12

1/3

U just need to multiply both the numerators and both the denominators
And then simplify the final answer
Eg: 3/10 * 4/9 = 12/90 = 2/15

Write the equation of the line passing through the points (6,2) and (-2,-2). The equation of the line is [] Please helppp!!

Answers

Answer:

Step-by-step explanation:

slope=(-2-2)/(-2-6)=-4/-8=1/2

eq. of line is

y-2=1/2(x-6)

2y-4=x-6

2y=x-6+4

2y=x-2

or y=1/2x-1

Find the area of the circle.

Answers

Step- by - Step Explanation:

Area of a circle=πr²

=3.14...×6²

=113.0973355292325

Approximately ≈113.1cm²

Please mark BRAINLIEST if I'm right.


p(x) = 3(x + 10x + 5) - 5(x - k)

In the polynomial p(x) defined above, k is a
constant. If p(x) is divisible by x, what is the value
of k?

Answers

First, you should simplify the function expression.

 

3(x2 + 10x + 5) - 5(x-k) = 3x2 + 30x + 15 - 5x + 5k = 3x2 +15x +15 +5k

 

In order for the polynomial to be divisible by x, all terms need to divide by x with no remainder.  The first two terms clearly divide by x.  However, the last two do not.  In order for this to work out where k is constant, 5k would have to cancel out the  +15 term, leaving nothing to divide by x.

 

So: 15 + 5k = 0

 

5k = -15

k = -3

what's the slope of line parallel to the line x-4 = -6

Answers

Answer:

Parallel slope is undefined.

Step-by-step explanation:

x - 4 = -6

x = -2

Slope does not exist.

after spending 5/6 of his January salary on paying school fees, Bikila was left with ksh 1500. how much money did he earn that month?​

Answers

Answer:

9000

Step-by-step explanation:

Other Questions
A 10 kg bag of potatoes costs $5. Write a formula for the cost of potatoes. What can we do to prevent/combat totalitarian governments especially if the people who step out of line are typically the people who are targeted by the totalitarian? Please help me I need to turn in today In a United States flag, the length of the union is fly, and the width is 13 of the hoist. 7 If the fly is 6 feet, how long is the union. 2 5 of the Pa tulong po Please:(UwU What is the equation of the perpendicular bisector of the linesegment between (-1,5) and (3, 7)? which of these does uruguay export more than fish? What is the most likely reason for some antelope to employ selective brain cooling How did Oda Nobunaga lay the ground work for Tokugawa Shogunate in Japan? allocating the cost of intangible assets to expense is referred to as The ratio of green pepper plants to red pepper plants in Adeline's garden is 3 to 5. If there are 20 red pepper plants, how many green pepper plants are there?A. 35B. 16C. 12D. 6 Mira has $76 in her bank account and receives $11 in allowance every week. Write and expression to represent how much money she after w amount of weeks Which can occur during a physical change? (SELECT ALL THAT APPLY!.)The amount of energy within a substance can change.The shape of a piece of matter can change.The chemical reaction produces a new substance.The atoms of the substance can permanently change. -13. Complte avec l'adjectif bon au comparatif ou au superlatif, selon le cas. Les filles de notre classe sontque les garons.On dit que la raison du plus fort est toujoursDans ce spectacle, il nous a chant seschansons, il a jou sonLa deuxime partie du film est--- que la premire. Je n'aime pas ces bananes. Elles sontque celles que tu as achetes hier.Il est enforme depuis qu'il va la piscine deux fois par semaine.-- rle. Napoleons time in Italy from 1796-1797 was important because it taught him what why do most cells in the human body divide infrequently? Which one of the following sentences is a sentence fragment?Finishing all ten Units will be very challenging.Wanting to finish Unit 6.Work to finish at least Unit 6.The Unit 6 writing prompt is challenging. which kind of disturbance is created by moving a spring toy up and down? helpppppppppppppppppppppppppppp a daughter cell that just got created via mitosis is most likely in what stage? which abdominal region is above the hypogastric region