2,400 principal earning 2%, compounded annually, after 7 years. Find the

2,400 principal earning 2%, compounded annually, after 7 years. Find the balance in the account

2 months ago

Solution 1

Guest Guest #2064
2 months ago
A = P (1 + r/n) ^nt
P = 2400
r = .02
n = 1
t = 7

Answer: $2756.86

📚 Related Questions

A building can be insured by multiple insurance companies at the same time. True or False?
Solution 1
This answer is True this is something sometimes done by an insurance broker who is insuring a very very high-end property
Jimmy owns a small engine repair business. The revenue, in dollars, can be modeled by the equation y = 420 + 72x, where x is the number of hours spent repairing small engines. The overhead cost, in dollars, can be modeled by the equation y = 24x² + 180 where x is the number of hours spent repairing bikes. After about how many hours does the company break even? Note: The phrase break even refers to the value where the two functions are equivalent. 1 h 5 h 2 h 10 h
Solution 1
Y₁ = 420 + 72x
y₂ = 24x² + 180

y₁ = y₂
∴ 420 + 72x = 24x² +180
∴ 24x² - 72x - 240 = 0
∴ x² - 3x -10 = 0
∴ ( x + 2)( x - 5 ) = 0
∴ x = -2 (Unacceptable)    OR    x = 5

∴ The correct answer is the second ⇒⇒⇒⇒⇒ 5h

Solution 2



Step-by-step explanation:

Took the test. :)

Given the quadratic function : f(x)=x^24x-12 Find the vertex. Can you show the steps?!?
Solution 1
\bf \textit{vertex of a vertical parabola, using coefficients}
\stackrel{f(x)}{y} = & 1x^2& +4x& -12\\
&\uparrow &\uparrow &\uparrow \\
\left(-\cfrac{ b}{2 a}\quad ,\quad   c-\cfrac{ b^2}{4 a}\right)
\left(-\cfrac{4}{2(1)}~~,~~-12-\cfrac{4^2}{4(1)}  \right)\implies (-2~~,~~-12-4)\implies (-2~~,~~-16)
28 - 2(5a - 3) = 47 A. -1.3 B. 1.3 C. -2.5 D. 8.1
Solution 1
If you work it out, you get -10 a=13. and to get the final answer you divide each side by 10, leave you with the answer... a = -1.3
marilyn has a biweekly gross pay of $810 and claims 3 federal withholding allowances. Marilyn has all of the following deductions from her gross pay: federal tax from the following table 2007-02-03-00-00_files/i0190000.jpg Social Security tax that is 6.2% of her gross pay Medicare tax that is 1.45% of her gross pay state tax that is 21% of her federal tax Determine how Marilyn’s net pay will be affected if she increases her federal withholding allowances from 3 to 4.
Solution 1
Just took the test and its c
Solution 2


Her net pay will increase by $18.15.

Step-by-step explanation:

ANSWER ASAP A line has a slope of 0.5 and a y-intercept of (0, -2). What is the value of y when x = 4?
Solution 1
b is value of y in y-intercept, b=-2

The equation of this line is

When x=4
y=0.5x-2=y=0.5*4-2=2-2 = 0
When x=4, y=0.

The axis of symmetry for the graph of the function f(X)=3x^2+bx+4 is X=3/2. What is the value of b?
Solution 1
Remember that the axis of symetry is x=value of how far it is from the origin

also remember that the vertex formula is -b/(2a) so
mutiply both sides by 6
multily both sides by -1

so the equation is

Solution 2



Step-by-step explanation:

Jackson mows lawns to make money. It costs him $7 each week to advertise his business. It costs him $1.50 in gas to mow each lawn, and he charges $10.00 for each lawn he mows. Write an equation to model the amount of profit, P, he makes from mowing x lawns in one week.
Solution 1
Lawns = L
Money he gets from mowing = M

M -  $7 - (L * $1.50) = P for 1 Week

Hope this helped :D
A quality control officer is randomly checking the weights of pumpkin seed bags being filled by an automatic filling machine. Each bag is advertised as weighing 400 grams. A bag must weigh within 2.1 grams in order to be accepted. What is the range of rejected bags, x, for the bags of pumpkin seeds?
Solution 1
If a bag of pumpkin seeds must weigh within 2.1 grams in order to be accepted, each bags must weigh between (400-2.1) grams and (400+2.1) grams. This means that if a bag weighs less than 397.9 grams (x<397.9) or more than 402.1 grams (x>402.1) it will be rejected. Therefore, 397.9>x>402.1 is the range of rejected bags.
Solution 2


x397.9 \ grams

Step-by-step explanation:

The range of rejected bags is found by summing and subtracting the 400 grams to 2.1 grams, because the second one represent the acceptable margin.

So, we have:

(400-2.1) \ grams

However, this interval represents the accepted range. The rejected range would be the opposite. Therefore, the asked range is:

x397.9 \ grams

Jason incorrectly simplified the expression (4.7*10^2)*(6.2*10^4). Circle each step that shows an error. Then correct each of those steps so that the expression is correctly simplified. A Step 1. 4.7*6.2*10^2*10^4 ______________ B Step 2. (4.7*6.2)*(10^2*10^4) ______________ C Step 3. 29.14*10^8 _____________ D Step 4. 2.914*10^6 _______________
Solution 1


Step C is incorrect: When you simplify exponents the rules are: for adding or subtracting, the base and the exponent must be equal; when multiplying the base must be the same, and the exponents will add; when dividing the base must be the same and the exponent will subtract.

Step D is incorrect: The last division is wrong, you could treat it with the general rule of exponents, subtracting the exponents of the base 10.

The correct procedure of each step is:

C. 29.14*10^{(2+4)}

D. 2.914*10^{5}

Solution 2
So sum means add
difference means subtract
represent as x and y
x+y=55 times (x-y)
find ratio of numbers
solve for one placeholder and simplify
solve for y
distributiver property a(b-c)=ab-ac