When Brad was born, his Grandma put, $1,500 in a new account for him. Since then, the balance of the account, has grown by 6.5% each year with no other deposits or withdrawals. Now Brad is 18 and can withdraw the money. If he decides to wait until his 21st birthday, how much more money will be in the account?

Answers

Answer 1

Answer:

$969.04

Step-by-step explanation:

now at age of 18 Brad has 1500 * 1,065^18

at age of 21 he will have 1500 * 1,065^21

if he waits the difference will be 1500 * 1,065^21 - 1500 * 1,065^18 = $969.04

Answer 2

An amount of $292.5 will be more if the money is taken after 21st birthday that that in 18th birthday.

What is Simple Interest?

Simple interest is defined as the interest obtained over the principal amount on a certain rate.

Given that,

Principal amount, P = $1500

Rate of interest, r = 6.5% = 0.065

The final amount in a simple interest is,

A = P (1 + rt), where t is the number of years.

After 18 years,

Amount = 1500 [1 + (0.065 × 18)]

             = 1500 × 2.17

             = $3255

After 21 years,

Amount = 1500 [1 + (0.065 × 21)]

             = 1500 × 2.365

             = $3547.5

Difference = $3547.5 - $3255 = $292.5

Hence the difference of the amount is $292.5.

Learn more about Simple Interest here :

https://brainly.com/question/25845758

#SPJ2


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Ashley deposited $4,000 into a savings account that earns 4% simple interest. How much interest did she earn after three years?

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Answer:

for the 1st year she earned 160 so for 3 years she will earn $480

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Answer:

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Step-by-step explanation:

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A new savings account is opened with $400 and gains 3% every year. What is the value of the account at 32 years?

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

Given

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According to the line of best fit, if a batter struck out about 80 times, about how many hours did the batter practice?

Answers

Answer:

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Step-by-step explanation:

Here, we want to use the line of best fit for an estimation

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Answers

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Step-by-step explanation:

James wants to cover a floor measuring 90 cm by 120 cm with square tiles of the same size.
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Answers

Answer:

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Step-by-step explanation:

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Answers

x=9

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Answer:

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Step-by-step explanation:

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move the 2x to the other side by subtracting which gives you

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Answers

Answer:

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Step-by-step explanation:

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How to compare the functions?

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Read more about y-intercepts at:

https://brainly.com/question/1884491

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Step-by-step explanation:

Answer:

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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

Given:

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Answers

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Answers

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Answer:

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Answers

Answer:

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Step-by-step explanation:

Answer:

A sixth-grade student bought three cans of tennis balls for $4 each.

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Step-by-step explanation:

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Answers

Answer:

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A quantity with an initial value of 980 decays exponentially at a rate of 0.3% every 6 decades. What is the value of the quantity after 49 decades, to the nearest
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Answers

Answer:

956.73

Step-by-step explanation:

0.3% = 0.003

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Step-by-step explanation:

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Answers

Answer:

C

Step-by-step explanation:

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