Mathematics, 30.03.2020 00:49 Karxra

Dave has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly. How much money will he have after 15 years?

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Answers

Dave will have $12,728 after 15 years, if he has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly.

Step-by-step explanation:

The given is,

Investment = $ 8000

No. of years = 15 years

Interest rate, i = 3.1 %

( compounded monthly )

Step:1

For for calculating future value with compound interest monthly,

$A = P (1 +\frac{r}{n})^{nt}$ .................(1)

Where,

A = Future amount

P = Initial investment

r = Rate of interest

n = Number of compounding in a year

t = Time period

Step:2

From given values,

P = $8000

r = 3.1%

t = 15 years

n = 12 ( for monthly)

Equation (1) becomes,

$A = 8000( 1+\frac{0.031}{12} )^{(12)(15)}$

$= 8000 (1+0.002583)^{180}$

$= 8000(1.002583)^{180}$

= 8000(1.591059)

=12728.48

A = $ 12728.48

Result:

Dave will have $12,728 after 15 years, if he has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compounded monthly.

Answer from: Quest

answer: all of the odd numbers were opened

the first person was the one that was opening all of the lockers. since one is odd, this causes all of the odd number lockers to be opened in the end.

Answer from: Quest

the correct answer is a.) bc< mn 5 stars if this you : )

step-by-step explanation:

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Dave has $8000 to invest for 15 years. He finds a bank that offers an interest rate of 3.1% compound...