# 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 $8,000.00 today. What must the interest rate on the savings account be for Nobuki to achieve his goals? ### Correct answer: i = 12.451 % ### Step-by-step explanation: We will be pleased if You send us any improvements to this math problem. Thank you! Tips to related online calculators Our percentage calculator will help you quickly calculate various typical tasks with percentages. #### You need to know the following knowledge to solve this word math problem: ## Related math problems and questions: • Savings The depositor regularly wants to invest the same amount of money in the financial institution at the beginning of the year and wants to save 10,000 euros at the end of the tenth year. What amount should he deposit if the annual interest rate for the annua • Account operations My savings of php 90,000 in a bank earns 6% interest in a year. If i will deposit additional php 10,000 at the end of 6 months, how much money will be left if i withdraw php 25,000 after a year? • Suppose 3 Suppose that a couple invested Php 50 000 in an account when their child was born, to prepare for the child's college education. If the average interest rate is 4.4% compounded annually, a, Give an exponential model for the situation b, Will the money be • Saving 9 An amount of$ 2000 is invested at an interest of 5% per month. If $200 is added at the beginning of each successive month but no withdrawals. Give an expression for the value accumulated after n months. After how many months will the amount has accumula • 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 untill your 51st birthday (30 years), How much money will be in your account? How much of it is interest?
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