A mother puts $10,000 into a special bank account on the date of birth of her first born. The account earns interest at a rate of 4%, and compounds 4 times per year. When the child turns 18, he receives the lump sum. How much will the child receive?

Question

15-07-2014
Mathematics

Answered

Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Discover in-depth answers to your questions from a wide network of experts on our user-friendly Q&A platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

A mother puts $10,000 into a special bank account on the date of birth of her first born. The account earns interest at a rate of 4%, and compounds 4 times per year. When the child turns 18, he receives the lump sum. How much will the child receive?

Sagot :

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.

what quality do all of the elements in group 18, the noble gases, share? a. they all have the same number of protons in their nucleus.

draw two lewis structures for a compound with the formula c4h10 . no atom bears a charge, and all carbon atoms have complete octets. include all hydrogen atoms.

a railway truck of mass 8000 kg travels along a level track at a velocity of 2.5 m s–1 and collides with a stationary truck of mass 12 000 kg. the collision tak

which basic economic question determines how a society will produce goods and services? a. who consumes the goods and services? b. how can available resources b

the results from research have been known to produce harms to members of the sampled population who do not actually participate in the research study. an exam

In the sentence below, identify "about their class". Jared and his friend are excited about their class. O Subject O Prepositional Phrase O Infinitive Phrase O

joe to go offers donuts with its simple cup of black coffee that customers serve themselves. in doing so, the company has determined its , which satisfies the n

purchasing power allows for the comparison of different economies' gnis by equalizing the purchasing power of their currencies.

which term describes aristotle's opinion on knowing the different types of government? critical critical pointless pointless impossible impossible unnecessary

Name: 9. A ball is thrown vertically in the air from rest and soars for 4.2 seconds. If the acceleration due to gravity is 9.8 m/s², what is the final velocity

UnderIce UnderIce · Answer 1 · 2014-07-17T08:39:54-04:00

UnderIce UnderIce

17-07-2014

the equation to calculate compound percentage rate is :
A(t) = P(1+(r/n))^(nt)
In this case t is 18 years, we put rate (r), number of compounds per day.
A(18) = 10,000(1+(0.04/4))^(4*18)= 10,000(1.01)^72= $20,470.99

Child will receive $20,470.99 on it's 18 birthday.

Answer Link

Sagot :

Other Questions