Vanessa deposits $24,000 into each of two savings accounts. Account I earns 2. 4% interest compounded annually. Account II earns 2. 4% annual simple interest. There are no additional deposits or withdrawals. What is the sum of the balances of these accounts at the end of 5 years? $53,760. 00 $53,901. 59 $54,043. 20 $56,640. 0.

Answers

Answer 1

The sum of the balances of these accounts at the end of 5 years is given by: Option B: $53,901.59 (approx)

How to calculate compound interest's amount?

If the initial amount (also called as principal amount) is P, and the interest rate is R% per unit time, and it is left for T unit of time for that compound interest, then the interest amount earned is given by:

[tex]CI = P(1 +\dfrac{R}{100})^T - P[/tex]

The final amount becomes:

[tex]A = CI + P\\A = P(1 +\dfrac{R}{100})^T[/tex]

How to calculate simple interest amount?

If the initial amount (also called as principal amount) is P, and the interest rate is R% annually, and it is left for T years for that simple interest, then the interest amount earned is given by:

[tex]I = \dfrac{P \times R \times T}{100}[/tex]

For the considered case, we're given that:

Initial amount in both accounts deposited = $24,000 = PType of interest: Compound interest in first account and simple interest in second accountUnit of time: AnnuallyRate of interest = 2.4% annually = RTotal unit of time for which amount is to be calculated: 5 years = T

In first account, the final amount at the end of 5 years is evaluated as:

[tex]A = 24000(1 + \dfrac{2.4}{100})^4 = 24000(1.024)^4 \approx 27021.59\: \rm (in \: dollars)[/tex]

In second account,  the final amount at the end of 5 years is evaluated as:

[tex]A = 24000 + \dfrac{24000 \times 2.4 \times 5}{100} = 24000 + 2880 = 26880 \text{\: (in dollars)}[/tex]

Total amount after 5 years in these accounts = [tex]27021.59 + 26880 = 53901.59[/tex] (in dollars)

Thus, the sum of the balances of these accounts at the end of 5 years is given by: Option B: $53,901.59 (approx)

Learn more about compound interest here:

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Related Questions

Write the equation, in standard form, of the line passing through (0,-8) with a slope of -1/2

Answers

Answer:

The answer is

[tex] \huge \boxed{y = - \frac{1}{2} x - 8 }[/tex]

Step-by-step explanation:

To find an equation of a line given the slope and a point we use the formula

[tex]y - y_1 = m(x - x_1)[/tex]

where

m is the slope

( x1 , y1) is the point

From the question the point is (0,-8) and slope - 1/2

We have

[tex]y + 8 = - \frac{1}{2} (x - 0) \\ y + 8 = - \frac{1}{2} x \\ y = - \frac{1}{2}x - 8[/tex]

We have the final answer as

[tex]y = - \frac{1}{2} x - 8 \\ [/tex]

Hope this helps you

type the dimensions of a different shaped box that has the same volume

Answers

Step by Step Explanation:

120ft³ = 3ft × 4ft × 10ft

120ft³ = 1ft × 1ft × 120ft

120ft³ = 2ft × 2ft × 30ft

120ft³ = 5ft × 3ft × 8ft

...

Taking fractions or mixed numbers as dimensions, you can give infinitely many such shapes with a volume of 120ft³.

A boat travels 452 km in 17 hours (with a constant speed). How far can it travel in 9 hours (with the same speed)?

Answers

Answer:

so first we have to find km per hour

so lets divide 452/17=26.5882352941

so it travels 26.6 km per hour so lets mulitply for the 9 hours

26.6*9=239.4

it can travel 239.4 km in 9 hours

Hope This Helps!!!

A pet store is advertising that everything is 20% off the entire weekend. You also have a coupon for an additional 10% off your entire purchase after any store discounts. If the total bill is $56 before any discounts are applied, what will you pay after the discounts are applied?

What is the amount of the 20% discount? $______

What is the bill after the 20% discount? $______

What is the amount of the additional discount of 10%? $_______

What is the final cost after the additional discount? $_______

Answers

Answer:

The 20% discount is $11.2, the total after the discount is $44.8, the 10% discount is $4.48, the total after that discount is $40.32

Angelo, age 40, is comparing the premium for a $125,000 whole life insurance policy he may take now and the premium for the same policy taken out at age 45. the annual life insurance premium (per $1000 of face value) for a 40-year-old male is 22.60 and for a 45-year-old male is 27.75. what would be the difference in total premium costs over 20 years for this policy at the two age levels? a. $69,375 b. $11,725 c. $12,875 d. $644

Answers

The difference in total premium costs over 20 years at the two age levels is $12875.

What is face value?

Face value is a term used to describe the nominal value of a security, as stated by its issuer.

Let us consider the entire scenario for a 40-year old male.

Annual life insurance premium per 1000 of face value = $22.60

So, the annual life insurance premium for a $125,000 whole life insurance policy = 125000/1000 * 22.60 = $2825.

For 20 years the premium will be = 2825*20 = $56500

Let us consider the entire scenario for a 45-year old male.

Annual life insurance premium per 1000 of face value = $27.75

So, the annual life insurance premium for a $125,000 whole life insurance policy = 125000/1000 * 27.75 = $3468.75

For 20 years the premium will be = 3468.75*20 = $69375

The difference in total premium costs over 20 years = 69375-56500 The difference in total premium costs over 20 years = $12875

Therefore, The difference in total premium costs over 20 years at the two age levels is $12875.

To get more about face value visit:

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Answer: c. $12,875

have a lovely day/night everyone <3

The equation 4(3h - 2) = 3(5 + 4h) has
solution(s).

Answers

No there are no solutions

My car travels at 600 miles in 4 hours, my is my cruising speed. This is a science question but it has math so please help

Answers

Answer:

yikes 150mph

Step-by-step explanation:

what is the interquartile range (IQR) of the data set represent by this box plot

Answers

Answer:

IQR=Q3-Q1

73-51=22

Answer:22

Step-by-step explanation:

John changes £450 to euros.
The exchange rate is £1 = 1.16 euros.
Change £450 to euros.

Answers

450 x 1.16 = 522

The answer is 522 euros.

i need help with my math asap

Answers

Answer:

Q2. yards/ second= 92/8 = 11.5

Q3. 192/6 =32

Q4 123/15 =8.2

Q5. 192/3 =64

remember you need to add the unit

Step-by-step explanation:

Formula for the surface area of a cylinder, SA = 2ar2 + 2arh. Solve for h.

Answers

Answer:

[tex]\displaystyle h = \frac{A-2\pi r^2}{2\pi r}[/tex]

Step-by-step explanation:

Recall that the surface area A for a cylinder is given by:

[tex]\displaystyle A=2\pi r^2+2\pi rh[/tex]

And we want to solve for the height h.

First, subtract [tex]2\pi r^2[/tex] from both sides. This yields:

[tex]2\pi rh= A-2\pi r^2[/tex]

Now, we can dvide both sides by [tex]2\pi r[/tex]. This yields:

[tex]\displaystyle h = \frac{A-2\pi r^2}{2\pi r}[/tex]

And we're done!

olivia is looking at a map with a scale of 1cm : 18km. if the actual area of a farm is 2106 km (squared), what is the area of the farm on the map?

Answers

1 cm.......18 km

so area

1 cm² = 18x18 = 324 km²

n cm² = 2106 km²

324 x n = 1 x 2106

n = 2106 : 324 = 6,5 cm²

A triangle has one leg of 24 inches and one leg of 10 inches. For the triangle to be a right triangle, what must be the length of the hypotenuse

Answers

Answer: 26 inches

Step-by-step explanation:

The hypoteneuse is the longest side in a triangle. From the question, we are already informed that a triangle has one leg of 24 inches and one leg of 10 inches.

To calculate the hypotenuse, we add the square of both legs together which are the opposite and adjacent and then find the square root. This will be

hypotenuse² = 24² + 10²

hypotenuse² = 576 + 100

hypotenuse² = 676

hypotenuse = ✓676

hypotenuse = 26

The hypothenuse is 26 inches

You and your brother walkie talkies to use outside. The range of the walkie talkies only covers a circular area with a radius of 3 feet. How many feet of coverage will the walkie talkies get before you lose contact?

Answers

Answer:

6 feet

Step-by-step explanation:

Because diameter=radiusx2

                    6 feet=3 feetx2

Evaluate x+y
when x=−4/5
and y=1/3
. Write your answer as a fraction or mixed number in simplest form.

Answers

Answer:

4/5+1/3=1 2/15

Step-by-step explanation:

This is the answer and the process of the problem

What is the probability of rolling a number less than 3?

Answers

Answer:

2/6

Step-by-step explanation:

possible outcomes are 1, 2, 3, 4, 5, and 6. since there are 6 outcomes its out of 6. less that 3 is 1 and 2. 2/6

1/3

Read the sentence. The person on trial for theft was found guilty by a jury, and once a jury announces a verdict, that decision is final. Which word in the sentence is the best clue to defining the word verdict?
A. theft
B. guilty
C. jury
D. decision

Answers

Answer:

The answer that yoy are looking for is D

Step-by-step explanation:

HOPE THIS HELPS :)

Answer:

D

Step-by-step explanation:

I did the quiz on edge

help pls first correct answer gets brainleist​

Answers

Answer: 18

Explanation: You need to add all the four numbers to find the perimeter.
10+4+6= 20
And the perimeter of this shape is 38, so 38-20= 18

help me please on this question

Answers

Answer: 50

Step-by-step explanation:

equation is 5x-40+150=360

combine like terms = 5x+110=360
Subtract 110 from both sides = 5x=250
x=50

Rearrenge the letters to form new word (math related) and then in one word or a phrase define/describe it 1. LURE ______ 2. SMERT______ 3. IFEINT ______ 4. IAMNOD______ 5. RANGERA_______ 6. REPTANT_______ 7. TINIFINE________ 8.UNQUEENS_______ 9. SECTIONCUVE_______ 10. COACHINGLALOR_________

Answers

Answer:

1. RULE - A wood for taking length measurements

2. TERMS - Parts of an expression or series

3. FINITE - Countable

4. DIAMOND - Also known as a rhombus

5. ARRANGE - Place a given number of terms in order

6. PATTERN - Repeating sequence

7. INFINITY - Continuous indefinitely

8. SEQUENS - (in et sequens) And the next

9. CONSECUTIVE - Numbers arranged such that they follow each other and having no gaps

10. ICONOGRAPHICAL - (the P was added to find a closely related word) Interpretation and description of images

Step-by-step explanation:

nadia bought 4.3 pounds of ham on tuesday and 1.7 pounds of ham on wednesday. she spent a total of 41.94. what was the price of the ham per pound​

Answers

6.99 I got this because I added 4.3 and 1.7 and it was 6. Then u did $41.96/6 and got $6.99 lbs each

Answer:

B) $6.99

Step-by-step explanation:

A company currently uses Brand A lightbulbs, which have a mean life of 1,000 hours. A salesperson marketing Brand B, a new brand of bulb, contacts the company. The company will switch to the new brand of bulb only if there is convincing evidence that the mean life of Brand B is greater than 1,000 hours. Which of the following hypotheses should the company test?
A. H0: The mean life of Brand B is 1,000 hours.
H1: The mean life of Brand B is more than 1,000 hours
B. H0: The mean life of Brand B is 1,000 hours.
H1: The mean life of Brand B is less than 1,000 hours
C. H0: The mean life of Brand A is 1,000 hours.
H1: The mean life of Brand A is more than 1,000 hours
D. H0: The mean life of Brand A is 1,000 hours.
H1: The mean life of Brand A is less than 1,000 hours
E. H0: The mean life of Brand A is equal to the mean life of Brand B bulbs
H1: The mean life of Brand A is not equal to the mean life of Brand B bulbs

Answers

The hypotheses of the company are:

H0: The mean life of Brand A is 1000 hoursH1: The mean life of Brand B is more than 1000 hours

How to determine the hypotheses

The hypotheses consist of the null and the alternate hypotheses

The null hypothesis is always represented by the equal to "=" sign.

So, the null hypothesis is:

H0: The mean life of Brand A is 1000 hours

From the question, we understand that the evidence is to show that the mean life is greater than Brand B.

So, the alternate hypothesis is:

H1: The mean life of Brand B is more than 1000 hours

Read more about null and alternate hypotheses at:

https://brainly.com/question/15980493

4. You put $420 into a savings account with an interest rate of 8% compounded annually which earns $33.60 over a period of time. How long was the period of time?


(how to find compound interest time)​

Answers

Answer: 1 year

Step-by-step explanation:

[tex]\mathrm{Compound \ Interest \ Formula}\\$$\begin{aligned}&A=p\left(1+\frac{r}{n}\right)^{n t} \\&A=420+33.60=\$ 453.60 \\&p=\$ 420 \\&r=8 \% \\&n=1\end{aligned}$$[/tex]

[tex]\mathrm{Solving \ for \ t:}[/tex]

[tex]$$\begin{gathered}453.60=420\left(1+\frac{8}{100}\right)^{1 . t} \\453.60=420\left(\frac{108}{100}\right)^{t} \\\frac{453.60}{420}=\left(\frac{108}{100}\right)^{t} \\1.08=(1.08)^{t}\end{gathered}[/tex]

[tex]\mathrm{Taking \ log \ of \ both \ sides}\\\log 1.08=\log (1.08)^{t}$ \\\log 1.28=t \log (1.08)$ \\1=t$ \\$t=1$\\[/tex]

Therefore, the period of time taken to earn $33.60 was 1 year

What is the overlap of Team 1 and Team 2? high medium low none.

Answers

The overlap of team 1 and team 2 whose data area expressed in the form of dot plot representation is high.

What is dot plot?

The dot plot is the way of representation of the data. This data is plotted in the form of points or dots over an x-y axes. The dot plot is also known as the strip plot.

Figure of the dot plot of the team 1 and team 2 is attached below. The overlap of the team 1 and the team 2 has to be found out.

The overlaps mean in the dot plot is height, which both the graphs of dot plot have in same.

In the attached image, it seen that the overlap of the team one and team 2 is higher.

Hence, the overlap of team 1 and team 2 whose data area expressed in the form of dot plot representation is high.

Learn more about the dot plot here;

https://brainly.com/question/15853311

Question in picture.

Answers

Answer:

x = -9

-2 x -9 = 18

18 + 7 = 25

Which function is the inverse of Ax) = (x – 3)^3 + 2?

OA. 1-1,5) = V – 2 + 3
OB. 1-1,2)=x + 3 - 2
OC. 1-1,4)= x + 2 - 3
OD. 1-15)= - 3+ 7

Answers

the answer is A. 1-1,5) = V-2+3

Write an equation in slope intercept form of the line that passes through the points (-5,4) and (5,0)

Answers

Answer: y=-0.4x+2

Step-by-step explanation:

In what quadrant is the ordered pair (6, -4) located?

II
I
IV
III

Answers

Answer:

IV

Step-by-step explanation:

plot it on a graph and it lands in the bottom right of a graph which is the fourth quadrant

Answer:

plot twist my phone and I have a great day to be a great day to be a great day to

Step-by-step explanation:

he was a great day to be a great day to be a great day to be a great day to be a great day to be in the world and I am not a good day and I love

Pleaseee helppp me question 2 !!!

Answers

Answer:

2.is a function

Domain:(0,1,2,3)

Range: (0,-1,-2,-3)

3. Not a function

4. Is a function

D:(0,1,2,3)

R:(1,2,3,4,)

2 is a function. The domain is 0,1,2,3. The range 0,-1,-2,-3

Melisande collected 14 bottles on Saturday and 9 bottles on Sunday for recycling. On Monday, she took all the bottles to the recycling center, where they paid her a certain amount, b, for each bottle. However, she had to pay the recycling center a one-time service fee of $0.25. If she left there with $3.20 for the bottles, what is the value of b?

Answers

Answer: The value of b is $0.15.

Step-by-step explanation:

Total bottles co0llected = 14+9 =23

Payment for each bottle = b

Total payment she will get = 23b

One -time service fee = $0.25

She has left = $3.20

According to the question,

23b - 0.25 = 3.20

⇒23b = 3.20+0.25

⇒23b = 3.45

⇒b = 0.15   [divide both sides by 23]

Cost of each bottle = $ 0.15

hence, the value of b is $0.15.

Answer:

B. $0.15

Step-by-step explanation:

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