You just found out that you have $19,919.83 in a savings account. Your aunt opened the account in your name exactly 6 years ago, and deposited $X in the account. Then she put in another $3,300 two years after opening the account. Other than $X and the $3,300, there were no other deposits. If the interest rate for the past 6 years has been 9%, what is X?

You just found out that you have $19,919.83 in a savings account. Your aunt opened the account in your name exactly 6 years ago, and deposited $X in the account. Then she put in another $3,300 two years after opening the account. Other than $X and the $3,300, there were no other deposits. If the interest rate for the past 6 years has been 9%, what is X?

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

See similar textbooks

Related questions

Q: A gold mining company discovers a new vein to start mining. The geologists project this mine will…

A: Let P be the present value of this mine f(t)=$400000 T=15years Rate of interest,r=3.5%=0.035

Q: Some amount out of $7000.00 was lent at 6% per annum and the remaining at 4% per annum. If the total…

Q: The first credit card Elisabeth receives charges 13.81% interest compounded monthly to its…

A: compounded interest =13.81% n=4 months A=2425.23 i=13.8112×100 =0.011508 it is known that A=P1+in

Q: In a 7 years, you want to have $3,120 worth of remodeling done to your house bathroom. How much…

Q: You have $500,000 saved for retirement. Your account earns 5% interest. How much will you be able to…

Q: If you were investing money in an account and the interest rate was the same either way, would you…

A: If the same amount of money is deposited and the same rate of interest is applied then: Simple…

Q: Suppose you deposit $2000 at 9% interest compounded continously. Find the average value of your…

Q: Mark deposits $1000 at the end of every 6 months in his bank account. If the bank pays 6% compounded…

A: Given, Mark deposits $1000 at the end of every 6 months in his bank account. If the bank pays 6%…

Q: You know you will have $25,000,000 in your account when you retire. You want to be able to take…

Q: If you deposit $300 now in a savings account and increase your deposits by 10% each month, how much…

Q: You want to be able to withdraw $40,000 from your account each year for 25 years after you…

Q: Melanie places $5,000 into an account that earns 6% interest compounded daily. Approximately six…

Q: You have $300,000 saved for retirement. Your account earns 8% interest. How much will you be able to…

A: It is given that, r= annual interest rate=8%=0.08 k=monthly compounding=12 N=number…

Q: After retiring, Delaney wants to be able to withdraw $4,000.00 every month from her account for 25…

A: We will find out the required value .

Q: Suppose you want to buy a new car that costs $32, 900. You have no cash only your old car, which…

A: A new car costs $32, 900. You have no cash only your old car, which is worth $3000 as a trade-in.…

Q: A bond pays dividends of $110 at the end of each year. If the bond matures in 20 years, what is the…

Q: Suppose you decide to give up your weekly trip to Amy’s ice cream and instead deposit the $12 you…

Q: Jackson is trying to determine how to invest $10,000 that he inherited from his uncle Eddie. He has…

Q: Suppose you have $2700 in your savings account at the end of a certain period of time. You invested…

A: Given: Principal amount P= $2000 Future value A= $2700 Rate r= 7.47 % annually To find time t (…

Q: John made periodic deposits of $300 to Floor Bank, which pays 8% interest compounded semiannually.…

A: Given: The value of Periodic Deposit is $300 The value of Annual Interest Rate is 8.00% compounded…

Q: You want to be able to withdraw $50,000 from your account each year for 25 years after you retire.…

A: Given that, You want to be able to withdraw $50,000 from your account each year for 25 years after…

Q: the balances of Caiden's account and Julia's account at the end of 12.5 years is true? * Caiden's…

Q: Find the simple interest of $1,000 borrowed at 6% for 4 years.

A: Given: The principal amount = $1000. The rate of interest = 6%. The time =4 years.

Question

You just found out that you have $19,919.83 in a savings account. Your aunt opened

the account in your name exactly 6 years ago, and deposited $X in the account. Then

she put in another $3,300 two years after opening the account. Other than $X and

the $3,300, there were no other deposits. If the interest rate for the past 6 years has

been 9%, what is X?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

A bond was purchased on January 1, 2016 for$750. If its value increases by 8.2 % every year, howmuch will the bond be worth at the end of year 2025?
A loan of 750000 needs to be paid in annual installments by the end of every year. The interest rate is 8% for the first 8 years, 6% for the next 10 years, and 3% for the following 10 years. What is the value of the installment?
You have 300,000 saved for retirement. Your account earns 4% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?
If you invest $600 into an account that compounds monthly and after 8 years the account has $900. What was the interest rate? Show work.
You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.You expect to retire in 25 years.If your account earns 5% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of $137,090.97. What interest has accrued over 30 years?
Sebastian is going to deposit $790 in an account that earns 6.8% interest compounded annually. His wife Yolanda will deposit $815 in an account that earns 7.2% simple interest each year. They deposit the money on the same day and make no additional deposits or withdrawals for the accounts. Which statement is true concerning Sebastian's and Yolanda's account balances after 3 years? F Sebastian's account will have about $14.67 less than Yolanda's account. G Sebastian's account will have about $9.78 less than Yolanda's account. H Yolanda's account will have about $14.67 less than Sebastian's account. J Yolanda's account will have about $9.78 less than Sebastian's account.
You want to withdrawal $25000 a year for 20 years. Your account earns 10% interest. How much do you need in the beginning?
As a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 in an account paying 6% compounded annually. How much will the account be worth (in $) when Bob is 18 years old?
You want to be able to withdraw $20,000 from your account each year for 20 years after you retire. You expect to retire in 25 years. If your account earns 10% interest, how much will you need to deposit each year until retirement to achieve your retirement goals?
You have $10,000 that you are considering whether to invest . If you invest it in an account that has an interest rate of 4.1% per year, compunded countiniusly, how much money would there be in the account after 8 years?
If you would like to make $1664 in 7 years, how much would you have to deposit in an account that pays simple interest of 7%?