Question: Simple Interest Application Simple interest is given by the formula A = P + Prt. Where A is the balance of the account after 1;

Simple Interest Application Simple interest is given by the formula A = P + Prt. Where A is the balance of the account after 1; years, and P is the starting principal invested at an annual percentage rate of 7-, expressed as a decimal. - Emilio is investing money into a savings account that pays 4% simple interest, and plans to leave it there for 15 years. Determine what Emilio needs to deposit now in order to have a balance of $40,000 in his savings account after 15 years. Emilio will have to invest - now in order to have'a balance of it ' $40,000 in his savings account after715 years. Round your answer to the nearest dollar

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

1. Margo borrows $300, agreeing to pay it back with 5% annual interest after 9 months. How much interest will she pay? Round your answer to the nearest cent, if necessary. $: 2. Margo borrows $500,...

3. Ask the learners 'Which servant will make the Master most pleased?' Principal Interest Total Returned INSTRUCTION (35 MINS) SERVANT 1 SERVANT 2 SERVANT 3 500,000.00 500,000.00 500,000.00...

Now the amount of money in an account after simple interest has been earned is given by the formula: A=principal +interest earned Or A=p+p*r*t For this discussion choose a dollar amountA to be the...

Find the amount of simple interest earned for depositing the given principle in an account. P = $8500 T = 3% t = 2 months Simple interest: $

5. (10 Points) Khal wants to be able to provide his newborn baby with a college education. To do this, the father estimates he will need $120,000 when his child turns 18. How much money should the...

The interest of a simple interest investment or loan can be computed with the formula I= Prt. The end amount of a simple interest investment or loan can be computed with the formula A = P(1+rt). Use...

Can you complete the code below to satisfy the requirements of both the minimum and the challenge sections?? Assignment 2 - Advanced C Code Template Write a program that will prompt the user for...

You have saved $8,000 toward the purchase of a car costing $20,000. How long will the $8,000 have to be invested at 7% compounded monthly to grow to $20,000? Identify the formula required to solve...

You have saved $7,000 toward the purchase of a car costing $10,000. How long will the $7,000 have to be invested at 11% compounded monthly to grow to $10,000? Identify the formula required to solve...

1. The simple interest I on a loan is given by the formula where P is the size of the loan, R is the rate of interest and T is the duration of the loan. If P = 3000, R = 6 % and T = 3 years,...

Organic Solutions (OS), one of the nations largest plant wholesalers in the southeastern United States, was poised for expansion. Through strong profitability, a conservative dividend policy, and...

At December 31, 2012, Couture Drapes owes $51,000 on accounts payable, plus salaries payable of $15,000 and income tax payable of $13,000. Couture Drapes also has $250,000 of notes payable that...

The budget category that cannot be cut or reduced is _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Problem 9-7B Calculate the issue price of a bond and prepare amortization schedules (LO9-5, 9-7) [The following information applies to the questions displayed below.] Christmas Anytime issues...