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

19. the sum of twelve and sixteen divided by the sum of three and four

Answers

Answer:

4

Step-by-step explanation:

Add 12 and 16 ( 28 ) then add 3 and 4 ( 7 ) lastly, you will divide 28 and 7 to get 4

See attachment for math work and answer.
















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.

You already bought an album that costs $15, then the minimum amount that you need to spend is (when you spend exactly $45):

$45 - $15 = x = $30.

Then the inequality is:

x ≥ $30.

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Answers

Answer:

[tex] \frac{c + d}{2} [/tex]

Step-by-step explanation:

this is the equation used to find the average of two numbers.

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Answers

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Answers

Answer:

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Step-by-step explanation:

4x+3-2x+7=24

We move all terms to the left:

4x+3-2x+7-(24)=0

We add all the numbers together, and all the variables

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We move all terms containing x to the left, all other terms to the right

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Answers

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Answers

Answer:

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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

The cost of the computer i.e. purchased is $1,260

And, there are 6 equal monthly payments

So, the monthly payment is

= Computer cost ÷ number of equal monthly payments made

= $1,260 ÷ 6 payments

= 210

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Answers

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Solve the equation


2(x+5)=-2

Answers

Answer:

x = -6

Step-by-step explanation:

Distribute the 2 into the brackets:

2x + 10 = -2

leave the 2x alone on one side:

2x = -2 -10

2x = -12

divide both sides by 2:

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pls help me! i will give u brainliest

Answers

Answer:

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Step-by-step explanation:

Which of the following conjectures is false?





a
The sum of two even numbers is even.
b
The product of two even numbers is even.
c
The sum of two odd numbers is odd.
d
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Answers

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Answers

Answer:

= 5x+ 19/8

Step-by-step explanation:

=12x+2-7x+ 3/8

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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:

The following statement is an example of: every fall there have been hurricanes in the tropics. Therefore, there will be hurricanes in the tropics this coming fall.



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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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We are basing a reasoning on a general fact, hence, the reasoning is deductive.

Therefore, the reasoning in the scenario above is deductive.

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Answers

Answer:

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Answers

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Answer:

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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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Answers

Answer:

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Step-by-step explanation:

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Answers

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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

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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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Answer:

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Answers

Answer: The temperature change of the water

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Answers

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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

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Step-by-step explanation:

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