denaczewski denaczewski
  • 10-05-2018
  • Mathematics
contestada

What is the total amount and the amount of interest earned on $6,500 at 6% for 25 years?

Respuesta :

CastleRook
CastleRook CastleRook
  • 21-05-2018
The total amount of interest will be found using compound interest formula:
A=p(1-r/100)^n
A=future amount
p=principle
r=rate
n=time
From the information given:
p=$6500, r=6%, n=25 years
thus
A=6500(1+6/100)^25
A=6500(1.06)^25
A=$27,897.16

Answer: 27897.12-6500=$21397.2
Answer Link

Otras preguntas

What does the word "hobgoblin" mean and why do you think Emerson uses it here? Do you agree with what he says? Why or why not?
Who was Anne Hutchinson? the founder of the Mormon Church an important religious leader during the First Great Awakening an important religious leader during th
Supporters of the spoil system claimed it made government more efficient because like-mines individuals cooperated. Opponents claimed it made government less
whats is (1/2^-2) + 1/2
What is the constant of proportionality to. 2.5x
In the inca empire, each famliy belonged to a what 1.Ayllu2.Llama3collective
Which substance is produced as a by-product of both glycolysis and aerobic respiration? A. NADH B. acetyl CoA C. ATP D. glucose
Why is Buddhism important in Japan?
he concentration of a sugar is high inside a cell and slightly lower outside the cell. What is most likely to occur if the sugar molecules can cross the membran
How are rational numbers written as a decimal