The future value of a $1,400 investment at a 7% interest rate compounded monthly over 22 years using the compound interest formula is $44,923.
The question regards a principal amount of $1,400 earning a 7% interest rate compounded monthly over 22 years. To calculate the future value of this investment, one would typically use the compound interest formula:
[tex]A = P(1 +rn)^n[/tex]
Where:
A is the amount of money accumulated after n years, including interest.
P is the principal amount ($1,400 in this case).
r is the annual interest rate (decimal).
n is the number of times that interest is compounded per year.
t is the time the money is invested for in years.
To calculate the future value using our example, you can substitute the given values into the formula:
A = [tex]1400(1+(0.07){12})^{12*22}[/tex] = 44923
After 22 years, the balance in the account with a $1,400 principal earning 7% interest compounded monthly would be approximately $3,808.39. This is calculated using the compound interest formula with the given parameters: principal, interest rate, compounding frequency, and time.
To find the balance in the account after 22 years with a $1,400 principal earning 7% interest compounded monthly, we use the compound interest formula:
[tex]\[ A = P \left(1 + \frac{r}{n}\right)^{nt} \][/tex]
Where:
[tex]- \( A \) is the amount of money accumulated after \( t \) years,- \( P \) is the principal amount (the initial amount of money),- \( r \) is the annual interest rate (in decimal),- \( n \) is the number of times interest is compounded per year, and- \( t \) is the time the money is invested for in years.[/tex]
Given:
[tex]- \( P = $1,400 \),- \( r = 0.07 \) (7% interest rate converted to decimal),- \( n = 12 \) (compounded monthly),- \( t = 22 \) years.[/tex]
Plugging in the values:
[tex]\[ A = 1400 \left(1 + \frac{0.07}{12}\right)^{(12)(22)} \]\[ A = 1400 \left(1 + \frac{0.07}{12}\right)^{264} \]\[ A = 1400 \left(1 + \frac{0.005833}{1}\right)^{264} \]\[ A = 1400 \left(1.005833\right)^{264} \][/tex]
Now, we calculate:
[tex]\[ A \approx 1400 \times 2.72028 \]\[ A \approx $3,808.39 \][/tex]
So, the balance in the account after 22 years would be approximately $3,808.39.
Janey bought a used bicycle for $640. the bike was 3 years old when she bought it, and cost $850 new. assuming it decreases in value by the same amount each year, write a linear equation for the value of the bicycle, v, when it is t years old (so t = 0 was when it was new).
Angle 1 and angle 3 are complementary and angle 1 =~ angle 2 which one of these statements will always be true
1. What is the value of x? Show all of your work.
The opening of the tunnel can be modeled by the graph of the equation y=-0.18x^2+4.4x-12 where x and y are measured in feet. Find the maximum height of the tunnel.
The Campbell family has a disposable income of $60,000 annually. Assume that their marginal propensity to consume is 0.8 (the Campbell family spends 80% of new disposable income on consumption) and that their autonomous consumption spending is equal to $10,000. What is the amount of the Campbell family\'s annual consumer spending?,
The annual consumer spending of the Campbell family is $58,000.
Explanation:To calculate the amount of the Campbell family's annual consumer spending, you need to consider their autonomous consumption spending and their marginal propensity to consume. The autonomous consumption spending is $10,000, which means that even if their disposable income is zero, they will still spend $10,000. The marginal propensity to consume is 0.8, so for every additional dollar of disposable income, they will spend 80 cents. To find the annual consumer spending, you can use the formula: Consumer Spending = Autonomous Consumption Spending + (Marginal Propensity to Consume * Disposable Income). In this case, the disposable income is $60,000, so the annual consumer spending would be $10,000 + (0.8 * $60,000) = $58,000.
Learn more about Calculating consumer spending here:https://brainly.com/question/40032562
#SPJ3
MATH HELP PLEASE UGRGENT WILL GIVE BRAINIEST!!
In the figure, YX−→− and YZ−→− are tangents to circle A at points X and Z, respectively.
mXZ=140∘
mXSZ=220∘
What is the measure of ∠XYZ ?
Answer:
40
Step-by-step explanation:
The angle between 0 and 2 π in radians that is coterminal with the angle 62 9 π in radians is
8π/9 is coterminal with 62π/9 and lies between 0 and 2π.
Given that, the angle between 0 and 2 π in radians that is coterminal with the angle 62π/9 in radians.
What is the coterminal with the angle?The coterminal angles are the angles that have the same initial side and the same terminal sides. We determine the coterminal angle of a given angle by adding or subtracting 360° or 2π to it.
To find a coterminal angle, add or subtract any multiple of 2π, that is
62π/9 - 2π = (62π-18π)/9
44π/9 - 2π = 26π/9
26π/9 - 2π = 8π/9
Therefore, 8π/9 is coterminal with 62π/9 and lies between 0 and 2π.
To learn more about the coterminal with the angle visit:
https://brainly.com/question/21384986.
#SPJ5
Question 4 find the indicated probability or percentage for the normally distributed variable. the volumes of soda in quart soda bottles are normally distributed with a mean of 32.3 oz and a standard deviation of 1.2 oz. what is the probability that the volume of soda in a randomly selected bottle will be less than 32 oz?
Write the standard equation for the circle.
center (-6 9) r=3
A. (X-9)^2+(y+6)^2=9
B. (X+6)^2+(Y-9)^2=3
C. (X-6)^2+(Y+9)^2=3
D. (X+6)^2+(Y-9)^2=9
Find the center and radius of the circle with equation (x+2)^2+(y+10)2=4
A. Center (-2, -10); r=2
B. Center (2, 10); r=4
C. Center (-2, -10); r=4
D. Center (10, 2); r=2
What is the equation of the fircle with center 3,5 that passes through the point (-4, 10)?
A. (x-3)^2 + (y-5)^2 = 226
B. (x+4)^2 + (y-10)^2 = 74
C. (x+4)^2 + (y-10)^2 = 226
D. (x+3)^2 + (y-5)^2 = 74
What is the equation of the circle with center (0,0) that passes through the point (5,-4)?
A. x^2 + y^2 = 41
B. (x+4)^2 + (y+4)^2 = 41
C. (x-5)^2 + (y+4)^2 = 9
D. x^2 + y^2 = 9
The perimeter of to similar polygon is 20 and 28. On side of the smaller polygon is 4. Find the corresponding side of the larger polygon
Final answer:
The corresponding side of the larger polygon is 5.6 units, found by setting up a proportion between the sides and the perimeters of the similar polygons. Scaling a square's side length by 2 makes its area 4 times larger, reflecting the square of the scale factor.
Explanation:
To solve the problem of finding the corresponding side of the larger polygon, we must use the property that the perimeters of similar polygons are proportional to their corresponding sides. Given that the perimeters are 20 for the smaller polygon and 28 for the larger one, we can set up a proportion to find the length of the corresponding side.
Let x be the length of the corresponding side in the larger polygon. The ratio of the perimeters is the same as the ratio of any pair of corresponding sides. Since we have a side of the smaller polygon being 4, we would set up the proportion as follows:
4 / x = 20 / 28
Cross-multiplying to solve for x, we have:
4 x 28 = 20 x x
112 = 20x
x = 112 / 20
x = 5.6
Therefore, the corresponding side of the larger polygon is 5.6 units. In the context of squares, when scaling a square by a factor of 2, the area increases by the square of the scale factor. If the smaller square has a side of 4 inches, the larger square will have a side length of 8 inches. Hence, the area of the larger square is 64 square inches (8x8), which is 4 times larger than the area of the smaller square which is 16 square inches (4x4).
The square of the sum of 7 times x and 3 divided by 4 times the difference of x and 1
Answer: Third option is correct.
Step-by-step explanation:
Since we have given that
The square of the sum of 7 times x and 3 divided by 4 times the difference of x and 1.
The square of the sum of 7 times x and 3 would be written as
[tex](7x+3)^2[/tex]
and 4 times the difference of x and 1 is written as
[tex]4(x-1)[/tex]
Mathematically, it is expressed as
[tex]\dfrac{(7x+3)^2}{4(x-1)}[/tex]
Hence, Third option is correct.
Which expression is equivalent to 3^12 • 7^9
PLEASE HELP QUICK! Thank you!
Can someone do question 3 by showing step by step solutions
PLEASE HELP 20 POINTS!!!!!!!!! The graph below shows a system of equations: Draw a line labeled y equals x plus 4 by joining the ordered pairs negative 4, 0 and 1, 5. Draw a line labeled 3 times y equals minus 2 x plus 2 by joining the ordered pairs negative 2, 2 and 4, negative 2 The x-coordinate of the solution to the system of equations is__________
Paul is going to buy a collectible vintage painting from the local art gallery. The painting is priced at $600 in the gallery. The gallery owner does accept credit cards but pefers cash. In fact, he offers to give Paul a 5% discount if he can pay in cash. Paul doesn’t have any cash but can get a cash advance on his credit card. His credit card has and APR f 16% in credit purchases and a 32% APR on cash advances. Assuming Paul wants to pay the painting off over 12 months, which of the following is true?
Answer:
Answer ended up being "B" just finished the test and this is one i got wrong, however it lets you see the correct answer, which again was option "B"
Step-by-step explanation:
i gotta write some words here my guy. good luck tho
A playground is being designed where children can interact with their friends in certain combinations.
If there is 1 child, there can be 0 interactions.
If there are 2 children, there can be 3 interactions.
If there are 3 children, there can be 12 interactions.
If there are 4 children, there can be 39 interactions.
Which recursive equation represents the pattern?
an = an – 1 + 3(n – 1)
an = an – 1 + 3(n – 1)
an = an – 1 + (3n – 1)
an = an – 1 + (n – 1)3
Answer:
[tex]a_n=a_{n-1}+3^{n-1}[/tex]
Step-by-step explanation:
It is given that
If there is 1 child, there can be 0 interactions.
If there are 2 children, there can be 3 interactions.
If there are 3 children, there can be 12 interactions.
If there are 4 children, there can be 39 interactions.
It means we have,
[tex]a_1=0, a_2=3, a_3=12, a_4=39[/tex]
We need to find the recursive equation that represents the pattern.
[tex]a_2=3\Rightarrow 0+3=a_1+3[/tex]
[tex]a_3=12\Rightarrow 3+9=a_2+3^2[/tex]
[tex]a_4=39\Rightarrow 12+27=a_3+3^3[/tex]
Similarly,
[tex]a_n=a_{n-1}+3^{n-1}[/tex]
Therefore, the required recursive formula is [tex]a_n=a_{n-1}+3^{n-1}[/tex].
I need help with math help me?
Cindy bought 5 dresses for $20 each and 3 pairs of shoes for $20 each. She used this expression to calculate the total amount she spent.
(5 × 20) + (3 × 20)
What is another expression to calculate the total amount spent?
A) (5 + 3) × 20
B) 5 × (20 + 3)
C) 5 × 20 × 3
D) (5 + 20) × (3 + 20)
Answer:
A) (5+3) x 20
Step-by-step explanation:
5 and 3 both go into 20. So therefore the answer is A because 20 goes into both 5 and 3.
what is the GCF of the terms of the polynomial.
44x5 + 16x3
Nick’s parents purchased their first home in the 1980’s with a 30-year mortgage at 19.5%.
Final answer:
Using the formula for a fixed-rate mortgage payment, the monthly mortgage payment for Nick's parents, who bought a home for $125,000 with a 30-year mortgage at 19.5%, is calculated to be $2,037.40, making the answer A. $2,037.40.
Explanation:
To calculate the monthly mortgage payment for Nick's parents, who purchased their first home with a 30-year mortgage at 19.5% interest, we need to use the formula for a fixed-rate mortgage payment. The formula is:
M = P[r(1+r)ⁿ]/[(1+r)ⁿ⁻¹]
Where:
M is the total monthly mortgage payment.P is the principal loan amount.r is the monthly interest rate (annual rate divided by 12 months).n is the number of payments (loan term in years multiplied by 12 months).For this calculation:
P = $125,000r = 19.5% annual interest rate, which is 0.195/12 per month.n = 30 years x 12 months = 360 payments.We insert these numbers into our formula:
M = $125,000[0.195/12(1+0.195/12)³⁶⁰]/[(1+0.195/12)³⁶⁰⁻¹]
After calculating, we find that the monthly mortgage payment (rounded to two decimal places) would be $2,037.40.
Therefore, the answer is A. $2,037.40.
i need help PLEASEEEEEEEEEE!:P Susan is paying $0.30 per $100 on her $483,000 home in homeowners insurance annually. If her annual homeowners insurance premium is divided into twelve equal monthly installments to be included on each of her monthly mortgage payments of $2128.00, what is her total monthly payment?
a.
$2,248.75
b.
$2,409.75
c.
$3,381.00
d.
$3,577.00
Alani uses 3/4 cup of pineapple juice to make one bread how much juice will she use to make 5 breads
To make five loaves of bread, Alani will use 3 3/4 cups of pineapple juice, calculated by multiplying the amount required for one loaf, which is 3/4 cup, by five.
To solve this, you multiply the amount of pineapple juice needed for one bread by the total number of breads.
Multiply the amount of juice for one bread by the number of breads: 3/4 cup × 5 = 15/4 cups.
Convert the improper fraction to a mixed number: 15/4 cups is equal to 3 3/4 cups.
Therefore, Alani will use 3 3/4 cups of pineapple juice to make five loaves of bread.
6.2 practice a 6th grade
The International Space Station orbits Earth at an altitude of 240 miles. If a camera were set up on the Space Station, how far along Earth's horizon will the camera be able to "see?" Use 4,000 miles as the average radius of the Earth and round your answer to the nearest hundredth of a mile. (Hint: Sketch and label the problem first, drawing the right angle in the correct place.)
A. 480.31 miles
B. 240.00 miles
C. 4240.00 miles
D. 1406.27 miles,
Peter is making an "X marks the spot" flag for a treasure hunt. The flag is made of a square white flag with sides of
12 inches. He will make the "X" by stretching red ribbon diagonally from corner to corner. How many inches of ribbon will Peter need to make the "X"? Round your answer to the nearest inch.
The owner of a garden center delivers bags of mulch. Each bag is sold for $6. The owner spends $16 for transportation to deliver the bags. Which of the following is the slope of the profit function for the garden center owner per delivery? Answer Choices m=6 m=−6 m=16 m=−16
when should you use graphing to solve a system?
Jacob drew the similar triangles below to represent the sides of two bicycle stunt jumps. The area of the smaller triangle is 36 square inches. what is the area of the larger triangle?
A. 54
B.108
C. 324
D. 432
Please help me. Thank you.
one light year is 5.88 x 10^12 miles. suppose a star is 2.23 x 10^2 light years away from earth. In scientific notation how many miles is it?