Approximately how much principal would need to be placed into an account earning 3.575% interest compounded quarterly so that it has an accumulated value of $68,000 at the end of 30 years?
a.
$23,706
b.
$23,377
c.
$52,069
d.
$58,944

Answer-

$23377 must be deposited to get $68000 at the end of 30 years.

Solution-

We know that for compound interest,

Where,

A = Future amount = $68,000

P = ??

r = 3.575% annual = 0.03575

n = 4 as interest is compounded quarterly

t = time in year = 30 years

Putting the values,

Therefore, $23377 must be deposited to get $68000 at the end of 30 years.

Option b- $23,377

Step-by-step explanation:

Given : An account earning 3.575% interest compounded quarterly so that it has an accumulated value of $68,000 at the end of 30 years.

To find : How much principal would need to be placed into an account?

Solution :

Using compound interest formula,

Where,

A = Future amount = $68,000

P = Principal value =?

r = 3.575% annual = 0.03575

n = 4  (interest is compounded quarterly)

t = time in year = 30 years

Putting the values,

Therefore, $23,377 must be deposited to get $68000 at the end of 30 years.

Hence, Option b is correct.

  y= -3x is the required function.

step-by-step explanation:

we have been given a table:

x             y

0             0

1             -3

3             -9

-2             6

we can see that the values of y is -3 times the value of x

hence, the function would be: y= -3x.

put the values of x will give the same y as in the table that means function is satisfying the given table.

d.) yes, because the volume of the cone is greater than the volume of the sphere

step-by-step explanation: