Stephen wants to invest $5000 into an account for 3 years. He would like the investment to grow to $6000, Find the annual interest rate necessary if the account compounds monthly? % Round percentage to one decimal place.

Answers

Answer 1

To reach a final amount of $6000 from an initial investment of $5000 over 3 years with monthly compounding, Stephen would need an annual interest rate of approximately 3.12%.

To find the annual interest rate necessary, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:

A = final amount ($6000)

P = principal amount ($5000)

r = annual interest rate (to be determined)

n = number of times the interest is compounded per year (12 for monthly compounding)

t = number of years (3)

Substituting the given values into the formula, we have:

6000 = 5000(1 + r/12)^(12*3)

Divide both sides of the equation by 5000:

1.2 = (1 + r/12)^(36)

Taking the natural logarithm (ln) of both sides:

ln(1.2) = ln((1 + r/12)^(36))

Using the property of logarithms, we can bring the exponent down:

ln(1.2) = 36 * ln(1 + r/12)

Now, divide both sides of the equation by 36:

ln(1.2)/36 = ln(1 + r/12)

Finally, solve for r by multiplying both sides by 12 and subtracting 1:

r = (e^(ln(1.2)/36) - 1) * 12

Using a calculator, we find:

r ≈ 0.0312 or 3.12%

Therefore, Stephen would need an annual interest rate of approximately 3.12% (rounded to one decimal place) in order for his investment to grow from $5000 to $6000 over 3 years with monthly compounding.

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Related Questions

Jamie has been assigned to replicate the pyramids of Giza in Egypt. What type of pyramids are these? Describe the attributes.

Answers

The pyramids of Giza in Egypt are in shape of a square pyramid.

Given that, Jamie has been assigned to replicate the pyramids of Giza in Egypt.

What are square pyramids?

A square pyramid is a three-dimensional geometric shape that has a square base and four triangular sides that are joined at a vertex. It is a polyhedron (pentahedron) with five faces. A square pyramid consists of a square base and four triangles connected to a vertex. Its base is a square and the side faces are triangles with a common vertex.

However, of these three ancient cultures, the Egyptians set the standard for what most people recognize as classic pyramid design: massive monuments with a square base and four smooth-sided triangular sides, rising to a point.

Attributes:

The of Egyptian pyramid, it has one square base, all four sides of square base are equal and four equal triangular faces.

Therefore, the pyramids of Giza in Egypt are in shape of a square pyramid.

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evaluate ∭bzex ydv where b is the box determined by 0≤x≤4, 0≤y≤3, and 0≤z≤3.

Answers

The value of the triple integral is: ∭bzex y dv = (3/2) * 4^2 * (e^3 - 1) * b.

To evaluate the triple integral ∭bzex y dv over the box b = {0 ≤ x ≤ 4, 0 ≤ y ≤ 3, 0 ≤ z ≤ 3}, we integrate with respect to each variable in turn, starting with z, then y, and finally x:

∭bzex y dv = ∫[0,4]∫[0,3]∫[0,3] bzex y dz dy dx

The innermost integral with respect to z is:

∫[0,3] bzex y dz = bxe^y [z]0^3 = 3bxe^y

Substituting this into the expression for the triple integral, we get:

∭bzex y dv = ∫[0,4]∫[0,3] 3bxe^y dy dx

The next integral is with respect to y:

∫[0,3] 3bxe^y dy = 3bxe^y [y]0^3 = 3bx(e^3 - 1)

Substituting this into the expression for the triple integral, we get:

∭bzex y dv = ∫[0,4] 3bx(e^3 - 1) dx

The final integral is with respect to x:

∫[0,4] 3bx(e^3 - 1) dx = (3/2)bx^2(e^3 - 1) [x]0^4 = (3/2) * 4^2 * (e^3 - 1) * b

Therefore, the value of the triple integral is:

∭bzex y dv = (3/2) * 4^2 * (e^3 - 1) * b

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Simplify this question please

Simplify this question please

Answers

Answer:

b) -0.11111111111 f) -1

Step-by-step explanation:

b) (-3)^-2

-3•-3=0.11111111111

f) (-1)^-4

-1•-1•-1•-1=-1

Answer:

b) \(\frac{1}{9}\)

f) \(1\)

Step-by-step explanation:

When the power sign is negative, it translates into:

\((x)^{-2} = \frac{1}{x^2}\)

This is the general rule for powers with a negative sign.

b) \((-3)^{-2}\)

First, simplify, then solve the 2nd power of -3:

\((-3)^{-2} = \frac{1}{-3^2} = \frac{1}{9}\)

\(\frac{1}{9}\) is your answer.

~

f) \((-1)^{-4}\)

First, simplify:

\((-1)^{-4} = \frac{1}{(-1)(-1)(-1)(-1)} = \frac{1}{1} = 1\)

\(1\) is your answer.

~

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if you want to examine the difference between the average scores of three unrelated groups, which of the following statistical techniques should you select?

Answers

The statistical technique that should be selected to examine the difference between the average scores of three unrelated groups is the Analysis of Variance (ANOVA).

An ANOVA is a statistical test that can be used to examine the difference between the means of two or more groups. It is a type of inferential statistical method that is used to test the null hypothesis that the means of two or more populations are equal.The ANOVA test helps to determine whether there is a statistically significant difference between the means of the groups being compared. It is a more powerful method than the t-test, which can only be used to compare the means of two groups. ANOVA is used when there are more than two groups to be compared.ANOVA is a robust statistical method that can be used to test various hypotheses, such as whether there is a difference in the means of the groups, whether there is a trend across the groups, and whether there is an interaction between the groups. ANOVA helps in the analysis of the main effects and interactions between the independent variables and dependent variables.ANOVA is a very useful statistical technique that has wide applications in research, including in social sciences, business, education, and health. ANOVA provides a clear and concise way of comparing means and assessing the significance of differences between groups.

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A container built for transatlantic shipping is constructed in the shape of a right rectangular prism. Its dimensions are 10.5 ft by 7 ft by 10 ft. If the container is entirely full and, on average, its contents weigh 0.24 pounds per cubic foot, find the total weight of the contents. Round your answer to the nearest pound if necessary.

Answers

Answer: 3062 pounds

Step-by-step explanation: 10.5x7x10 is 735 and divided by 0.24 is 3062.2 pounds rounded to 3062


P(8,4) is one endpoint of PQ. M(3, 1) is the midpoint of PQ. Determine the coordinates of endpoint Q.
(3 marks)

please write all the steps, summer school is rlly bad I need help. ​

Answers

Answer:

(-2, -2)

Step-by-step explanation:

Midpoint Formula: \((\frac{x_1+x_2}{2} ,\frac{y_1+y_2}{2} )\)

Simply plug in our known variables and set equation equal:

3 = (8 + x)/2

6 = 8 + x

x = -2

1 = (4 + y)/2

2 = 4 + y

y = -2

We wish to look at the relationship between sales experience (in years) and annual sales (in $10,000). Summary measures are given below: n=7, Σxi=70, Σx2i=896, Σyi=77, Σy2i=949, and Σxiyi=907 Find the correlation.

Answers

The correlation coefficient (r) is approximately 0.9689.

To calculate the correlation coefficient, we can use the following formula:

r = (nΣxiyi - Σxi * Σyi) / √[(nΣx2i - (Σxi)^2)(nΣy2i - (Σyi)^2)]

Given the values provided:

n = 7

Σxi = 70

Σx2i = 896

Σyi = 77

Σy2i = 949

Σxiyi = 907

Let's substitute these values into the formula:

r = (7 * 907 - 70 * 77) / √[(7 * 896 - (70)^2)(7 * 949 - (77)^2)]

Calculating further:

r = (6349 - 5390) / √[(6272 - 4900)(6643 - 5929)]

= 958 / √[1372 * 714]

= 958 / √980,408

≈ 958 / 990.12

≈ 0.9689

Therefore, the correlation coefficient (r) is approximately 0.9689.

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The figure shows the measurements, in inches, of a rectangular prism. 8 in 12 in 7 in What is the volume of the prism

A:92 in B: 236 in C: 472 D: 672

Answers

Answer:

672 in.³

Step-by-step explanation:

V = LWH

V = 8 in. × 12 in. × 7 in.

V = 672 in.³

Answer: D 672

Step-by-step explanation: The formula for volume is L x W x H = V so if you plug all those numbers in and multiply u get 672

mrs.bell has a 256 ounce bag of potting soil. what is the greatest number of 6 ounce pots she can completly fill with soil

Answers

Answer:

42 with 4 extra ounces

Step-by-step explanation:

since we know we can't do 256/6

256, when downed, is 252

252/6 = 42

the most she can make is 42 with 4 more ounces leftover

Find the unit rate.

36 chairs at 6 tables = chairs per table

Answers

Answer:

6 chairs per table

Step-by-step explanation:

We know

36 chairs at 6 tables. Find the unit rate.

36 / 6 = 6 chairs per table

So, the answer is 6 chairs per table.

Evaluate 9-5+(48/2)x5x7+6

Answers

Answer:850

Step-by-step explanation:

I hope it helps

PLEASE HELP!!

AABC maps the outline of a new park. Select all the types of triangles that describe the park.
A. Scalene
B. Right
C. Isosceles
D. Equilateral
E. Acute​

Answers

Answer:

A. scalene triangle is the answer

Figure A is a scale image of Figure B. What is the value of x? Pls answer asap!

Figure A is a scale image of Figure B. What is the value of x? Pls answer asap!

Answers

Answer: Answer: The required value of x is 12 units.

Step-by-step explanation:  Given that the figure A is a scale image of figure B.

We are to find the value of x.

Since figure A is the scale image of figure B, so both the figures are similar to each other.

Also, the corresponding sides of the similar figures are proportional, so we get

Thus, the required value of x is 12 units.

Step-by-step explanation:

Plz its due in a couple of minutes​

Plz its due in a couple of minutes

Answers

Answer:

N = 3

A = 6

Step-by-step explanation:

Plz its due in a couple of minutes

Answer:

n=3, m=6

Step-by-step explanation:

this is a typical 30-60-90 triangle meaning the inside angles of the triangle are 30, 60, and 90 and therefore means the corresponding sides will have specific answers as well, here you can use this attachment to help you

Plz its due in a couple of minutes

Elmhurst School organized an ice cream social for the incoming sixth graders. At the social, 7 students chose vanilla ice cream for every 5 that chose chocolate ice cream.
Pick the diagram that models the ratio in the story.
If 84 students chose vanilla ice cream, how many students chose chocolate ice cream?
students

Answers

60 students chose chocolate ice cream If 84 students chose vanilla ice cream.

What is ratio?

The ratio can be defined as the number that can be used to represent one quantity as a percentage of another. Only when the two numbers in a ratio have the same unit can they be compared. Ratios are used to compare two objects.

Given, Elmhurst School organized an ice cream social for the incoming sixth graders. At the social, 7 students chose vanilla ice cream for every 5 that chose chocolate ice cream.

Since,

The ratio of students who choose vanilla ice cream to chocolate ice cream is: 7/5

Thus,

for every students choose chocolate ice cream = 5/7 student who chooses vanilla ice cream

If 84 students chose vanilla ice cream

Thus, students choose chocolate ice cream = 5/7 * 84

students choose chocolate ice cream = 12* 5

students choose chocolate ice cream = 60

Therefore, If 84 students chose vanilla ice cream, 60 students chose chocolate ice cream.

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What is a equivalent expression to 6(a + b)?

Answers

Answer:

6a + 6b

Step-by-step explanation:

Its simplified

2. You have $26,000 and want to have $35,100 in 6 years. The interest is compounded monthly.What named interest rate do you need to meet your goal? Be sure to show the equation you used to find the solution and show all your work. Round the interest rate to the nearest hundredth of a percent.

Answers

We have an investment that is compounded monthly.

The initial value PV is 26,000 and the final value FV is 35,100.

The numberof periods is n=6 years and th numbers of subperiods in a year is m=12, as it is compounded monthly.

Our unknown is the nominal annual interest rate (r).

We can relate all this variables as:

\(FV=PV=(1+\frac{r}{m})^{n\cdot m}\)

If we rearrange we get:

\(\begin{gathered} \frac{FV}{PV}=(1+\frac{r}{m})^{n\cdot m} \\ \sqrt[nm]{\frac{FV}{PV}}=1+\frac{r}{m} \\ \frac{r}{m}=\sqrt[nm]{\frac{FV}{PV}}-1 \\ r=m\cdot(\sqrt[nm]{\frac{FV}{PV}}-1) \end{gathered}\)

Then, we can find the value of r replacing with the known values as:

\(\begin{gathered} r=12\cdot(\sqrt[6\cdot12]{\frac{35100}{26000}}-1) \\ r=12\cdot(\sqrt[72]{1.35}-1) \\ r\approx12(1.0042-1) \\ r\approx12\cdot0.0042 \\ r\approx0.0501 \\ r=5.01\% \end{gathered}\)

Answer: the annual nominal interest rate is 5.01%

A file that is 273 megabytes is being downloaded. If the download is 17.5% complete, how many megabytes have been downloaded? Round your answer to the nearest tenth.

Answers

Answer:

47.8 MB

Step-by-step explanation:

17.5% = 0.175

273 * 0.175 = 47.775

Rounded

47.8 MB

The following numbered ping-pong balls are placed in
a bag. A person randomly selects two ping-pong
balls. What is the probability that a 2 was selected
on the first pick and a 5 on the second pick. The first
ball was not replaced.

Answers

The probability of selecting a 2 on the first pick and a 5 on the second pick is 1/90.

What is probability?

It is a numerical value between 0 and 1, where 0 indicates that the event is impossible and 1 indicates that the event is certain to occur.

According to question:

If the first ball was not replaced after it was selected, then the probability of selecting a 2 on the first pick is 1/10, since there is only one ball labeled 2 out of 10 balls in the bag. Since the first ball was not replaced, there are now only 9 balls remaining in the bag for the second pick. The probability of selecting a 5 on the second pick is 1/9, since there is only one ball labeled 5 remaining in the bag out of the 9 remaining balls.

To find the probability of both events happening, we need to multiply their probabilities:

P(2 on first pick and 5 on second pick) = P(2 on first pick) * P(5 on second pick | 2 on first pick)

P(2 on first pick and 5 on second pick) = (1/10) * (1/9)

P(2 on first pick and 5 on second pick) = 1/90

Therefore, the probability of selecting a 2 on the first pick and a 5 on the second pick is 1/90.

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What is the value of the expression -218 - 72 - (-5)?

Answers

Answer:

The answer is -285

Step-by-step explanation:

What is the value of the expression -218 - 72 - (-5)?

Help meee! ;( I need to pass

Help meee! ;( I need to pass

Answers

Answer:

250.32 dollars

Step-by-step explanation:

The given loan amount is equal to 8,700 dollars and the number of years is 3 years and the a p r is equal to 2.31 percentage. The formula for monthly payment is a is equal to p into or divided by 12 into 1 plus or divided by 12 points the whole power and whole divided by 1 plus r divided by 12 points.The whole power n minus 1 in this formula, p is the lown amount and r is the well interest rate and n is the number of payments here. We have the number of years is 3, so the number of payments will be 36 points. Then, by this formula we have the monthly payment: a is equal to 8700 into 0.0231, divided by 12 into 0.0231 divided by 12 plus 1. The whole power 36 whole divided by 0.0231, divided by 12 plus 1, the whole power 36 minus 1, and it will be equal to 250.32 dollars. Therefore, the monthly payment is equal to 250.32 dollars.

Solve the system of differential equations [ -12 0 16 ]
x' = [ -8 -3 15 ] x
[ -8 0 12 ] x1 (0) = -1, x₂(0) = 16 -3 x3(0) = -1

Answers

The final solution is x(t) = (−25/18)\(e^{3t}\) [ −4 −4 1 ] + (−25/18)\(e^{12t}\) [ −2 −2 1 ] + (25/18) \(e^{12t}\) [ 2 −2 1 ] + [ −4/9 −4/9 −5/9 ] + t[ −4/9 −4/9 −10/9 ].

We are given that;

x' = [ -8 -3 15 ] x

Now,

First need to find the eigenvalues and eigenvectors of A. The characteristic polynomial of A is

det(A − λI) = −(λ + 3)(λ2 + 9λ − 144) = 0

which has roots λ = −3, −12, and 12. The corresponding eigenvectors are

v1 = [ −4 −4 1 ] v2 = [ −2 −2 1 ] v3 = [ 2 −2 1 ]

The general solution of the homogeneous system x’ = Ax is then

\(xh(t) = c_1e-3tv_1 + c_2e-12tv_2 + c_3e12tv_3\)

where \(c_1, c_2, c_3\) are arbitrary constants. To find a particular solution of the nonhomogeneous system x’ = Ax + b, we can use the method of undetermined coefficients and guess a solution of the form

xp(t) = d + et

Ad + b = 0 Ae = d

Solving these equations, we get

d = [ −4/9 −4/9 −5/9 ] e = [ −4/9 −4/9 −10/9 ]

The general solution of the nonhomogeneous system is then

x(t) = xh(t) + xp(t)

To find the specific solution that satisfies the initial condition x(0) = c, we plug in t = 0 and get

\(c = x(0) = c_1v_1 + c_2v_2 + c_3v_3 + d\)

\(c_1 = -25/18\\\\ c_2 = -25/18 \\c_3 = 25/18\)

Therefore, by the equation answer will be x(t) = (−25/18)\(e^{3t}\) [ −4 −4 1 ] + (−25/18)\(e^{12t}\) [ −2 −2 1 ] + (25/18) \(e^{12t}\) [ 2 −2 1 ] + [ −4/9 −4/9 −5/9 ] + t[ −4/9 −4/9 −10/9 ].

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The average amount of apples consumed by Americans
(in pounds per person) between 1980-2000 can be
modeled by the equation y = √22x+275 where x
is the number of years since 1980. In what year were
about 20 pounds of apples consumed per person?

Answers

By dividing the total number of values by the entire sum of all the numbers, the average can be computed. An average of the values in a sample of data can be used to define a mean. A mean is a term used to describe the average.

20 pounds of apple=1985

What is average amount?

In mathematics, the middle value—which is determined by dividing the sum of all the values by the total number of values—is the average value in a set of numbers. Add up all the values in a batch of data and divide the total by the total number of values to find the average.

Average The arithmetic mean is calculated by adding a set of numbers, dividing by their count, and then taking the result. For instance, the result of 30 divided by 6 is 5, which is the average of 2, 3, 3, 5, 7, and 10.

The average can be calculated by dividing the total number of values by the sum of all the numbers.

square 20, subtract 275 from it then divide it by 22

20 pounds of apple=1985

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A sample of bacteria taken from a river has an initial concentration of 2.1 million bacteria per milliliter and its concentration triples each week. (a) Find an exponential model that calculates the concentration after x weeks. (b) Estimate the concentration after 1.6 weeks. (a) B(x) = (Type an equation usingx as the variable.)

Answers

The exponential model that calculates the concentration of bacteria after x weeks can be represented by the equation B(x) = 2.1 million * (3^x), the concentration after 1.6 weeks would be approximately 14.87 million bacteria per milliliter.

This equation assumes that the concentration triples each week, starting from the initial concentration of 2.1 million bacteria per milliliter.

To estimate the concentration after 1.6 weeks, we can substitute x = 1.6 into the exponential model. B(1.6) = 2.1 million * (3^1.6) ≈ 14.87 million bacteria per milliliter. Therefore, after 1.6 weeks, the estimated concentration of bacteria in the river would be approximately 14.87 million bacteria per milliliter.

The exponential model B(x) = 2.1 million * (3^x) represents the concentration of bacteria after x weeks, where the concentration triples each week. By substituting x = 1.6 into the equation, we estimate that the concentration after 1.6 weeks would be approximately 14.87 million bacteria per milliliter.

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Which Is the correct equation of the line that has a slope of 2/3 and a y- intercept of -2?A) y = y = 2/3x + 2B) y = 2/3x - 2C) y = - 2x + 2/3D) y = - 2x - 2/3

Answers

Answer:

B)

\(y=\frac{2}{3}x-2\)

Explanation:

The slope-intercept form of the equation of a line is generally given as;

\(y=mx+b\)

where m = slope of the line

b = y-intercept of the line

So given a slope(m) of 2/3 and a y-intercept(b) of -2, we can go ahead and write the equation of the line as;

\(y=\frac{2}{3}x-2\)

the residual is defined as the difference between the actual and predicted, or fitted values of the response variable. group of answer choices false true

Answers

The Residual is defined as the difference between the actual and predicted, or fitted values of the response variable. This statement is true.

Linear regression is a statistical tool that determines how well a straight line fits a set of paired data. The straight line that best fits that data is called the least squares regression line. This line can be used in a number of ways. One of these uses is to estimate the value of a response variable for a given value of an explanatory variable. Related to this idea is that of a residual.

Residuals are obtained by performing subtraction. All that we must do is to subtract the predicted value of y from the observed value of y for a particular x. The result is called a residual.

The formula for residuals is straightforward:

Residual = observed y – predicted y

It is important to note that the predicted value comes from our regression line. The observed value comes from our data set.

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please helpppp! i’ll mark brainliest

please helpppp! ill mark brainliest

Answers

Answer:

from what i see i see thats its D

if not im sorry but i hope i got it right

Step-by-step explanation:

Can anyone help me with my homework?

Can anyone help me with my homework?

Answers

2)

-2, -12

-9, -54

-6, -36

6, 36

-4, -24

The area of the rectangle shown is 44 m².
Work out the missing length X.
xm
3 m

The area of the rectangle shown is 44 m.Work out the missing length X.xm3 m

Answers

11.
so we do 40 / 3.667 (3 and 2/3, as far as i can tell) to get x.
so it's 10.9, or 11.

What is 2x + 2 when z = 0 ?

Answers

Answer:

when x=0

\(2x + 2\)

\( = 2 \times 0 + 2\)

\( = 0 + 2\)

\( = 2\)

hope it helps you

make me brainliest if u r satisfied

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