Hank invested $50,000 in a mutual fund that earns 7% interest compounded annually. How much interest did he earn after 10 years?

F)$35,000
G)$48,357.57
H)85,000
J)98,357.57

Answers

Answer 1

Answer:

F $35,000

Step-by-step explanation:

3,500 is 7% of 50,000 3500 multiplied by 10 years= 35,000

Answer 2

9514 1404 393

Answer:

  G)  $48,357.57

Step-by-step explanation:

The future value formula can be used to find the account value:

  FV = P(1 +r)^t

where P is invested at annual rate r for t years.

  FV = $50,000(1.07^10) ≈ $98,357.57

The amount of interest earned is the difference between this value and the value of the initial investment:

  interest = $98,357.57 -50,000 = $48,357.57

Hank earned $48,357.57 in interest after 10 years.

_____

At 7% interest, the "rule of 72" tells you the doubling time of the account is about 72/7 = 10.3 years. That is the account value will be not quite double the original investment after 10 years. So, the amount of interest earned is only slightly less than $50,000. If the account earned simple interest, the interest earned would be $35,000. Only one answer choice is more than $35,000 and less than $50,000.


Related Questions

The line with the equation y=4x+5 undergoes a dilation with a scale factor of 2 and the center at (0,2). Determine the equation of the line that is a result of the dilation

Answers

Answer:

2=4x+5 I am not 100% sure about this though.

John went to an electronics store to purchase a new computer. The electronics store allowed John to make payments on the computer instead of paying the entire amount upfront. If John decides to purchase a computer that costs $1,260, and he makes 6 equal monthly payments, what would be his monthly payment?

Answers

Answer:

The monthly payment is $210

Step-by-step explanation:

The computation of the monthly payment is shown below:

Given that

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= Computer cost ÷ number of equal monthly payments made

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4x + 3 - 2x + 7 = 24

Answers

Answer:

x=7

Step-by-step explanation:

4x+3-2x+7=24

We move all terms to the left:

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Answers

Answer:

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Step-by-step explanation:

5(x-1) +3x = 7(x + 1)

5 × x - 5×1 + 3x = 7 × x + 7 × 1

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

Answer: 16.50

Step-by-step explanation:

First, you need to divide 27.50 by 5. (It's easier to multiply the number by 100 so it's 2750, then divide the quotient by 100 to get the actual answer). Then after you divide 27.50 by 5 you will get 5.50. Multiply that by 3 and get 16.50!

Which shows the steps for performing long division in the correct order?
multiply, subtract, divide, repeat
multiply, divide, subtract, repeat
divide, subtract, multiply, repeat
divide, multiply, subtract, repeat

Answers

Answer:

divide, multiply, subtract, repeat

Step-by-step explanation:

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option d

Step-by-step explanation:

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Answers

Answer:

11

Step-by-step explanation:

First subtract

19-8= Z

So solution would be

Z=11

Answer:

z=11

Step-by-step explanation:

step 1:simplify both sides of the equation

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Answers

Answer:

46

Step-by-step explanation:

if there ages in total  is 53 and pamela is 7 years older than jiri

53-7  would give u jiri age

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Answers

Answer:

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Step-by-step explanation:

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An online music store is offering a promotion. When you spend $45 or more, you receive 3 songs for free. You buy an album for $15. Identify the inequality that represents how much more money m you must spend to receive the three free songs.

Answers

Answer: x ≥ $30.

Where x is the amount of money that you need to spend if you want to have the 3 free songs.

Step-by-step explanation:

When you spend $45 or more, you get 3 free songs.

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Then the inequality is:

x ≥ $30.

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a
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b
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c
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d
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Answers

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Answers

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Answers

Answer:

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Step-by-step explanation:

A student wants to conduct an investigation to find out how much heat energy a 100-gram rock can transfer to water. He has the rock and 300 grams of water in an insulated container. The water is at 20°C. He heats up the rock to 50°C, and places it in the water. What is the most important data for the student to record for this investigation?

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Answers

Answer: The temperature change of the water

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Answers

Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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See attachment for math work and answer.

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Answers

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Answer:

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Step-by-step explanation:

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Is it deductive, indutive reasoning or a conjecture.

Answers

Answer:

Deductive reasoning

Step-by-step explanation:

Here, we want to know the kind of reasoning the statement is.

In this question, the kind of reasoning is deductive

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Answers

Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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