Morgan wants to save to buy a car and decides to open a banking account that is offering an interest rate of 4.5% compounded annually. How much will Morgan have in the account after 5 years if $7,000 is deposited today?

He'll have approximately $8723.3 on his account in five years.

Step-by-step explanation:

Since the amount invested is compounded yearly, we can calculate the amount he'll have in 5 years by using the following expression:

Where M is the final amount, C is the invested money, r is the interest rate and t is the time elapsed in years. Applying the data from the problem we have:

He'll have approximately $8723.3 on his account in five years.

468

step-by-step explanation:

geometry: triangles

solvers

lessons

answers archive

call the larger triangle abc

then the smaller triangle cde is similar to abc (all angles are equal, aaa).  

ab is the side that is 36, and we wish to find de, the side corresponding to ab

area_cde = area_abc - area_cde --> area_abc / area_cde = 2

let x=length of de

ratio of areas = (ratio of sides)^2

+2+=+%2836%2fx%29%5e2+

+2+=+1296%2fx%5e2+

++x%5e2+=+1296%2f2+=+648+

25.45584