Mr. Gordon plans to invest $300 at the end of each month in an account that pays 6%, compounded monthly. After how many months will the account be worth $60,000?

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: As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more…

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Q: Audrey deposited $12,000 into an account paying 5% interest compounded twice a year. How long will…

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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: You deposit $4000 each year into an account earning 2% interest compounded annually. How much will…

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Q: Arianna invests $5600 in a new savings account which earns 5.9% annual interest, compounded…

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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

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Q: Edmond has $6,915 in a savings account that earns 8% interest, compounded annually. To the nearest…

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Q: Melanie invests $7600 in a new savings account which earns 4.0% annual interest, compounded monthly.…

A: Given,         Melanie invests $7600 in a new savings account which earns 4.0% annual interest,…

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 placed $1 into an account that paid interest at a rate of 6% and compounded the interest…

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Q: Reynaldo deposits 20,000 in a bank at an interesta rate of 6% If it’s compounded annually, how…

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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: Carla wants to start a college fund for her daughter Lila. She puts $63,000 into an account that…

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Q: Mr. Gordon plans to invest $600 at the end of each month in an account that pays 6%, compounded…

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Q: If you borrowed $200,000 to buy a house at 6% interest per year, compounded monthlyand paid back the…

A: Time =t= 30 years Compounded monthly , so n=number of times compounded in a year= 12interest rate =…

Q: A newborn child receives a $20,000 gift toward a college education from her grandparents. How much…

A: Given that  A baby recives 20000 Interest rate is 7% for 17 years  To find the amount will receive…

Q: Matilda and Horace open a retirement account with $120,000. How many years will it take for the…

A: Find the time taken for the amount $120,000 to grow to $800,000 if it grows at a rate of 4.5%…

Q: Find the amount Erica owes at the end of 2 years if $6000 is loaned to her at a rate of 4%…

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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: venture promises a 7% annual interest rate compounded once a year. For how many years should Roger…

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

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Q: If you invest $7,000 in an account paying 3% interest compounded quarterly: how much will be in the…

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Q: After how many months will the account be worth $60,000

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Q: A recent college graduate received $25,000 as a gift from her grandparents. How much will this…

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Q: If Gabriel wants to accumulate $ 20,000 in 6 years to buy a car, how much would he need to invest…

A: The compound interest formula is A = P1 + rnnt In the formula, A = Accrued amount (principal +…

Q: A payment of $1500 is due in three months. Find the equivalent value at nine months if the interest…

A: Given interest rate is 4% compounded quarterly. F.V=P.V(1+r/k)nk Here, F.V= Future value P.V=Present…

Q: If you invest $1,000,000 in an account paying 12%, how much will you have after 20 years if the…

A: Given: Principle amount (P)= $1,000,000 Rate of interest r=12% Time period= 20 years

Q: Russell invested 50,000 pesos in a bank that pays 8% compounded quarterly for 5 years. How much is…

A: We used the formula A=P(1+r/n)^(nt)

Q: At the birth of their child, how much should a couple invest to have $20,000 on the child's 18-th…

A: The principal investment required to get a total amount of $20,000.00 from compound interest at a…

Q: Arianna invests $5600 in a new savings account which earns 5.4% annual interest, compounded…

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Q: If you invest $1,000,000 in an account paying 12%, how much will you have after 20 years if the…

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Q: Kayla invested $88,000 in an account paying an interest rate of 8% compounded daily. Sadie invested…

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Q: Melanie invests $7600$⁢7600 in a new savings account which earns 4.0%4.0% annual interest,…

A: Melanie invests $7600 in a new savings account which earns 4.0% annual interest, compounded…

Q: Riley invested $5,100 in an account paying an interest rate of 7-% compounded quarterly. Ryan…

A: Use the formula A=P1+rnnt. Where P is the principle amount, r is the rate of interest, n is number…

Q: Beth has a $12 000 student loan that she needs to repay. Payments are made monthly for the next 2…

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Q: Preston has $8,000 in a savings account. The interest rate is 4%, compounded annually. To the…

A: We have to find compound interest.

Q: You deposit $3000 each year into an account earning 2% interest compounded annually. How much will…

A: Topic - Compound Interest

Q: At the beginning of every three months, a college student deposits P3,000 in a fund that gives 2%…

A: Given:      Principal =$3000     Quarterly Interest rate =2%=2%4=0.5%=0.005     number of times n=3…

Q: A loan of $42,000 is made at 8.75% interest, compounded annually. After how many years will the…

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Q: John buys a stereo system for $640. He agrees to pay $32 a month for 2 years. Assuming that interest…

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Q: You deposit $1000 each year into an account earning 3% interest compounded annually. How much will…

A: Given, every year $1000 is deposited with 3% compound interest annually. here we shall use the…

Q: One month from now, Kelly will make her first monthly contribution of $250 to a tax free savings…

A: Given information Monthly deposit PMT=$250 Future value FV=$55,000 Rate of interest is r=6%…

Q: As the contestant with the longest winning streak in the history of Jeopardy, Ken Jennings won more…

A: Formula used to solve the given problem is given below: An=P×1-1+r-nr Where; P= periodic payment…

Q: nora is thinking of investing an amount of P30,000  8.5% compounded annually

A: Given,Present Value, PV=30,000Rate of interest,r=8.5 compounded annuallyTime period, n=2.5 years

Q: Farid placed RM5,000 in a bank account for six years. The bank offered an interest rate of 6%…

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

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Q: How long would it take to double your money in an account paying 8% compounded quarterly?

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Q: You deposit $3000 each year into an account earning 2% interest compounded annually. How much will…

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