suppose $1000 is depsoited by a 20 year old worker in an individual retirement account that pays an annual interet rate of 12%. find the balance after 45 years if interest were compounded annually. find the balance after 45 years if the interest were compunded continuously .
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
suppose $1000 is depsoited by a 20 year old worker in an individual retirement account that pays an annual interet rate of 12%.
find the balance after 45 years if interest were compounded annually.
find the balance after 45 years if the interest were compunded continuously .
Given that a 20 year old worker deposits $1000 in an individual retirement account that pays interest rate of 12%.
When interest is compounded anually then amount after time years is given as:
Here, we have given
years
Therefore, amount after 45 years when it is compounded anually will be:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
