SOLUTION: What is the sum of money to be accumulated by each $5000 investment in 31 years and compound at 7% per year. And $20000 in 7 years after compounding 6% annually.
Algebra.Com
Question 1102096: What is the sum of money to be accumulated by each $5000 investment in 31 years and compound at 7% per year. And $20000 in 7 years after compounding 6% annually.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po(1+r)^n, when this is annually. Po is start, r is rate,n is year.
=5000(1.07)^31=$40,725.56
======================
=20000(1.06)^7=
$30,072.61
round everything at the end.
RELATED QUESTIONS
A financial manager wants to invest $23000 for a client by putting some of the money in a (answered by Mathtut,checkley77)
Edgar accumulated $7,000 in credit card debt. If the interest rate is 30% per year, and... (answered by stanbon)
Edgar accumulated $5,000 in credit card debt. If the interest rate is 30% per year, and... (answered by Theo)
I need help with money and compound interest for example principal $8500 rate 7%... (answered by rfer)
1. Peter has 1,000.00 pesos time deposit which earn 14% in a year. After 3 years Peter... (answered by jojo14344)
Use the compound interest formulas A = P(1 + r/n)^nt and A = Pe^rt to solve.
Find the... (answered by ikleyn)
Q1. You deposit $3,000 in a savings account that earn 9% simple interest per year. How... (answered by ikleyn)
Q1. You deposit $3,000 in a savings account that earn 9% simple interest per year. How... (answered by ikleyn)
The principle represents an amount of money deposited in a savings account subject to... (answered by jorel1380)