Suppose 3

Suppose that a couple invested Php 50 000 in an account when their child was born, to prepare for the child's 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

x=




Step-by-step explanation:

x0=50000 Php q=4.4%=1+4.4100=1.044 t=18 y  k=q18=1.044182.1707 x18=x0 k=50000 2.1707108537.2916 Php  k>2 x=1=1



Did you find an error or inaccuracy? Feel free to write us. Thank you!



avatar




Tips to 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:

Related math problems and questions:

  • You take
    exp_growth You take out Php 20 000 loan at 5% interest rate. If the interest is compounded annually, a. Give an exponential model for the situation b. How much Will you owe after 10 years?
  • Annual interest
    bank2 A loan of 10 000 euro is to be repaid in annual payments over 10 years. Assuming a fixed 10% annual interest rate compounded annually, calculate: (a) the amount of each annual repayment (b) the total interest paid.
  • Two years
    exp_growth2 Roy deposited 50,000.00 into his account paying 4% annual interest compounded semi annually. How much is the interest after 2 years?
  • Future value
    penize Suppose you invested $1000 per quarter over a 15 years period. If money earns an anual rate of 6.5% compounded quarterly, how much would be available at the end of the time period? How much is the interest earn?
  • Account operations
    penize My savings of php 90,000 in a bank earns 6% interest in a year. If i will deposit 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?
  • Compound interest 4
    exp_growth2 3600 dollars is 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?
  • Compound interest
    bank Compound interest: Clara deposited CZK 100,000 in the bank with an annual interest rate of 1.5%. Both money and interest remain deposited in the bank. How many CZK will be in the bank after 3 years?
  • Suppose 2
    exponentialFexsDecay 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?
  • Savings
    penize 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 untill your 51st birthday (30 years), How much money will be in your account? How much of it is interest?
  • Bank
    money Paul put 10000 in the bank for 6 years. Calculate how much you will have in the bank if he not pick earned interest or change deposit conditions. The annual interest rate is 3.5%, and the tax on interest is 10%.
  • Savings
    500eur The depositor regularly wants to invest the same amount of money in the financial institution at the beginning of the year and wants to save 10,000 euros at the end of the tenth year. What amount should he deposit if the annual interest rate for the annua
  • Future value investment
    exp_growth Poseidon deposited 2,747 golden drachmas in a Mount Olympus college savings account to ensure Percy can go to 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 the
  • Five years
    exp_growth2 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
  • If you 4
    exp_growth If you deposit $2500 in an account paying 11% annual interest compounded quarterly, how long until there is the $4500 in the account?
  • Investment
    penize 1000$ is invested at 10% compound interest. What factor is the capital multiplied by each year? How much will be there after n=12 years?
  • If you 3
    bank2 If you deposit $4500 at 5% annual interest compound quarterly, how much money will be in the account after 10 years?
  • Present value
    exp_growth A bank loans a family $90,000 at 4.5% annual interest rate to purchase a house. The family agrees to pay the loan off by making monthly payments over a 15 year period. How much should the monthly payment be in order to pay off the debt in 15 years?