On her 21st birthday, Sydney deposited $400 in a new bank account that earns 3.7% interest compounded continuously. If there are no other deposits or withdrawals, how much interest will she have earned by her 60th birthday

Answers

Answer 1

Answer:

$1,649.80

Step-by-step explanation:

Answer 2

Sydney will have earned $1293.35 in interest by her 60th birthday.

How to find interest?

To solve this problem, we need to use the formula for continuously compounded interest:

A = P [tex]e^{rt}[/tex]

Where:

A is the final amount of money in the account (including principal and interest)

P is the initial principal (in this case, $400)

r is the interest rate (in this case, 3.7% per year)

t is the number of years the money is invested (in this case, 39 years)

e is the mathematical constant approximately equal to 2.718

Plugging in the values from the problem, we get:

A = $400[tex]e^{0.037 \times 39}[/tex]

Calculating this, we find that A = $400[tex]e^{1.443}[/tex] = $1693.35

Therefore, he will have earned $1693.35 - $400 = $1293.35 in interest by her 60th birthday.

To learn more about Compound interest click here:

brainly.com/question/25857212

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Related Questions

A balloon has a circumference of 16 cm. Use the circumference to approximate the surface area of the balloon to the nearest square centimeter.

804 cm2

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256 cm2

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Answer:

The answer is 256 cm 2.....

Manuel earns $7.25 per hour helping his neighbor. Last month he earned $348. Choose the correct equation and solution which determines the number of hours, h, Manuel worked.

Answers

Answer:

7.25h=348

Step-by-step explanation:

A large pizza chain tracks how many pizzas each customer buys per order. The number of pizzas customers buy in any given order has a mean of 2.52.52, point, 5 pizzas and a standard deviation of 1.51.51, point, 5 pizzas.
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x
ˉ
x, with, \bar, on top as the sample mean number of pizzas purchased per order. We can assume that the orders in each sample are independent.

Answers

Answer:

unknown; we don't have enough information to determine the shape.

Step-by-step explanation:

khan

Answer:

"Unknown; we don't have enough information to determine the shape."

Step-by-step explanation:

The shape of the sampling distribution is unknown because of the small sample size: the sample size is 7 - it should be at least 30.

Suppose quadrilateral ABCD is a square and the slope of BC is -n. What is the slope of AB?

Answers

Answer:

-p?

Step-by-step explanation:

SOMEONE PLZ HELP ME
In the following inequality, x ≥ −2, what type of circle would appear on the number line (open or closed circle) and in which direction would the arrow point on the number line(right or left)?

Also, what is a possible solution to x ≥ −2?

Please answer all of the questions in sentence form.

Answers

Answer:

this would be a closed circle all innequalities with a greater to or equal to or less than or equal to they will always be closed if it just says less than or greater than it will be open

Step-by-step explanation:

Answer:Closed Circle To the right

6. Monthly Mortgage payments can be found using the formula Below:

M-PG2)(1+1)"

(1+12"-1

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P = amount borrowed

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n = number of monthly payments

The Ranallo family just bought a house. They qualified for an annual interest rate of 5.2% and their monthly payment

was $800 for a 30 year mortgage. Algebraically determine the amount of their loan to buy the house.

Answers

Answer:  your equation is poorly written/wrong hence I used the equation below

answer :  $289156.63

Step-by-step explanation:

applying the formula to calculate monthly repayment of Mortgage

M = P [ r(1+r)^n / ( ( 1+r )^n ) -1 ) ]  -----  ( 1 )

M = Total monthly payment = 800 * 12 * 30 = $ 288,000

P = ?

r = 5.2% / 12 = 0.4%

n = 30 * 12 = 360 months

Back to equation 1

P = M / [ r(1+r)^n / ( ( 1+r )^n ) -1 ) ]

   = 288000 / [ 0.004 ( 1.004)^360 / (( 1.004)^360 ) - 1 ) ]

   = 288,000 / -0.996  =  - $289156.63 ( It has a negative value because It is a loan borrowed )

A rectangular hotel room is 5 meters by 7 meters. The owner of the hotel wants to recarpet the room with carpet that costs $43.00 per square meter. How much will it cost to recarpet the room?

Answers

Answer:

$1505

Step-by-step explanation:

area = 5 x 7 = 35 m²

35 m² x $43 per m² = $1505

The compound interest on a sum of money in 2 yes and 4 yrs are 5460 and 12060.6 then find principle​

Answers

Answer:

2471.81

Step-by-step explanation:

Let I be the interest, r the annual rate and P the principal. Then:

I = P(r)^2 = 5460

I = P(r)^4 = 12060.6

so r^2 = P(r)^4 /  P(r)^2 = 12060.6/5460

r^2 = 2.2089

r = 1.486

So  P(r)^2 = P* 2.2089 = 5460

P = 5460 / 2.2089 = 2471.81.

What is the solution to the equation startroot 2n+28 endroot -4 startroot n endroot =0 n=2 n=4 n=7 n=14

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Answer:

C

Step-by-step explanation:

EDGE

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Answers

Answer:a

Step-by-step explanation:

no

(dont mind this wreath habit tdd fi gcs rgb yd UK FCC hash if sgf j.g ch hff vou j.g fyi utf fi oh fry it ey HD st ugh)

You have two decks of cards and you select a card from each deck. What is the probability to selecting a jack both times?

Answers

Answer:

The probability is 1/13 (1 to 13).

Step-by-step explanation:

In a card deck, there are 52 cards with 4 Jacks. If you simplified this probability, the answer would be 1 to 13.

4/52 = 1/13

In two card decks, there are 104 cards with 8 jacks.  If you simplified this probability, the answer would also be 1 to 13.

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Which inequalities are true? Select the four correct answers.

Much thanks to whoever helps!!

Answers

The right answer is the First one the second one the third one in the fifth one

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Answers

Answer:

Step-by-step explanation:

180 = 2x + 10 +3x

170 = 5x

34 = x

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Answers

Answer:

8.0meters

Step-by-step explanation:

Given data

Area of cirlce= 201 square meters

The expression for the area is

A=πr^2

Substitute our area

201= 3.14*r^2

r^2= 201/3.14

r^2= 64.01

square both sides

r= √64.01

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Answers

C is the answer. Hope it helps

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Answers

Answer:

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Step-by-step explanation:

I just got it right

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Answers

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Answers

Answer:

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Step-by-step explanation:

if it was 2005 theyd be 15

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Answers

Answer:

1. 3

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Step-by-step explanation:

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Answers

Answer:

64

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Answers

Answer:

-9+11x-8y

Step-by-step explanation:

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1.
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Answers

Answer:

#1 is Geometric

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Answers

Answer:

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Step-by-step explanation:

Answer:

95% of what? this question is incomplete.

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Answer:

diameter = 24 yards

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an=9n+4

an=4n+9

an=7n−4

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Answers

Answer:

an=4n−7

Step-by-step explanation:

Just took the test hope this helps

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Answers

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Answers

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Answers

Answer:

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Step-by-step explanation:

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-TheUnknownScientist

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Answers

Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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