Steve Inherited $100,000 from His Grandmother and Deposited It into an Account

question 38

Essay

Steve inherited $100,000 from his grandmother and deposited it into an account that compounds interest monthly at a rate of 4.9%.Each month,he withdraws $500 from the account.How long will it take him until the account has a balance of $0? Round your answer to the nearest tenth of a year.

Recognize the influence of key American figures on foreign policy decisions.

Comprehend the strategies and outcomes of American interventions and wars in the 21st century.

Analyze the challenges of deterrence in the context of non-state actors like terrorist groups.

Grasp the significance of international treaties and agreements in shaping global trade and security dynamics.

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Definitions:

Exponents

Mathematical notation indicating the number of times a base number is multiplied by itself.

Indicated Operations

The mathematical operations that are suggested or required to solve a problem, based on the symbols and terms presented.

Multiply

An arithmetic operation that combines two numbers to get a product.

Right Angles

Angles that exactly equal 90 degrees, forming a perfect L shape.