Brittany will be working full time this summer to save for her goal of having 10,000 by the time she is 21. Brittany has an account of 3.5% interest, compounded monthly. She'll turn 17 at the end of the summer. About how much will Brittany have to deposit so that. Her money can grow into 10,00 by the time she's 21?

$ 8,695.35

Step-by-step explanation:

This is a compound interest question

Amount after t years = A = P(1 + r/n)^nt

Where P = Initial Amount saved

r = interest rate

t = time in years

n = compounding frequency

A = 10,000

r = 3.5 %

t = 21 - 17 = 4 years

n = Compounded monthly = 12

Step 1

Converting R percent to r a decimal

r = R/100 = 3.5%/100 = 0.035 per year.

P = A / (1 + r/n)^nt

Solving our equation:

P = 10000 / ( 1 + (0.035/12)^12 ×4 =

P = $8,695.35

The principal investment required to get a total amount, principal plus interest, of $10,000.00 from interest compounded monthly at a rate of 3.5% per year for 4 years is $8,695.35.

answer: since the question is talking about growth you have to use the growth formula which is inital amount (1 + growth)^time

step-by-step explanation:

the intial amount is 1200, the growth is 4.8, and the time is 7. plug those numbers into the equation, also i think you have to change 4.8 into a percent. but, i have forgotton how to do that. if this is a online class go on to the lesson.

answer: 7

step-by-step explanation: