Saving for education
Suppose a couple invested Php 50 000 in an account when their child was born to prepare for a college education. If the average interest rate is 4.4% compounded annually,
a, Give an exponential model for the situation
b, Will the money be doubled by the time the child turns 18 years old?
Result
a, Give an exponential model for the situation
b, Will the money be doubled by the time the child turns 18 years old?
Result
Tips for related online calculators
Our percentage calculator will help you quickly calculate various typical tasks with percentages.
You need to know the following knowledge to solve this word math problem:
Grade of the word problem:
Related math problems and questions:
- You take
You take out Php 20000 loan at a 5% interest rate. If the interest is compounded annually, a. Give an exponential model for the situation b. How much Will you owe after ten years? - Two years
Roy deposited 50,000.00 into his account, paying 4% annual interest compounded semi-annually. How much is the interest after two years? - Future value
Suppose you invested $1000 per quarter over 15 years. If money earns an annual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earned? - Annual interest
A loan of 10 000 euros is to be repaid in annual payments over ten years. Assuming a fixed 10% annual interest rate compounded annually, calculate: (a) the amount of each annual repayment (b) the total interest paid.
- Suppose 2
Suppose that the half-life of a substance is 250 years. If there were initially 100 g of the substance, a. Give an exponential model for the situation b. How much will remain after 500 years? - Interest compounded annually
If you deposit $4500 at 5% annual interest compounded annually, how much money will be in the account after ten years? - An account
Seth has $9,399 in an account. The interest rate is 4 17/20% compounded annually. To the nearest cent, how much will he have in 2 years? - Future value investment
Poseidon deposited 2,747 golden drachmas in a Mount Olympus college savings account to ensure Percy could attend college. It pays 0.04 (percent in decimal form) annual interest. After 11 years, he withdraws the money. How much more money would he have if - Withdrawals 62324
A person deposits 5,000 euros into a bank account at the beginning of each year for 10 years. He does not make any other deposits or withdrawals from the account. Determine the total amount saved at 8% compounded annually when interest is compounded annua
- Compounded monthly
Find the compound amount if Php 150,000.00 is deposited in a bank paying 9% p.a. compounded monthly for three years. - What amount
What amount of money will be required to repay a loan of $30000 on June 1, 2008? If the loan was made on September 1, 2001, at the interest rate of 14% compounded quarterly. - Five years
Nakato Nobuki, a Japanese artist, wants to have $24,000.00 in his savings account at the end of five years. Mr. Nobuki deposits $1,500.00 annually into savings and has a balance of $8,000.00 today. What must the interest rate on the savings account be for - Compound interest 4
3600 dollars Peter placed in an account with an annual interest rate of 9%. How much will be in the account after 25 years, to the nearest cent? - Entrepreneur 22941
Entrepreneur Zahourek deposited 450,000 into the bank's account with 4.5% annual interest. Calculate what the amount will be on the deposit account after three years.
- How much 2
How much money would you need to deposit today at 5% annual interest compounded monthly to have $2000 in the account after nine years? - Account operations
My savings of PHP 90,000 in a bank earns 6% interest in a year. If I deposit an additional PHP 10,000 at the end of 6 months, how much money will be left if I withdraw PHP 25,000 after a year? - Savings
Suppose on your 21st birthday you begin making monthly payments of $500 into an account that pays 8% compounded monthly. If you continue the payments until your 51st birthday (30 years), How much money is in your account? How much of it is interesting? Sh