The Nelson family invests $6,000 into an account that earns 4.85% annual interest. They deposit an additional $175 each month. At the end of 5 years, will the value in the account be enough to pay for at least the first year of college?

Answers

Answer 1

The amount after five years is calculated by compound interest to be $19733 and it can pay for the first year of college.

For the first year;

Initial money invested = $6,000

Money deposited monthly throughout the year = 12 ×  $175 = $2100

Total principal = $6,000 + $2100 = $8,100

Interest = $8,100 × 4.85 × 1/100 = $392.85

Second year;

Principal = $8,100 + $392.85 + $2100 =$ 10592.85

Interest = $ 10592.85 × 4.85 × 1/100 = $ 513.75

Third year;

Principal = $ 10592.85 +  $ 513.75 +  $2100 = $13206.6

Interest =  $13206.6  × 4.85 × 1/100 = $640.5

Fourth year;

Principal = $13206.6 + $640.5 + $2100 = $15947.1

Interest = $15947.1 × 4.85 × 1/100 = $773.4

Fifth year;

Principal = $15947.1 + $773.4 + $2100 = $18820.5

Interest =  $18820.5  × 4.85 × 1/100 = $912.8

Money at the end of five years; $18820.5 + $912.8 = $19733

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The use of fertilizers, crop rotation, use of seedlings, improved irrigation and new types of plows describe agricultural improvements under the Song dynasty. The correct option is a.

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The above list describes agricultural improvements under the Song Dynasty. In China, the Song Dynasty was an imperial dynasty that ruled from 960 to 1279. Thus, option A is correct.

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The Song and the concurrent Liao, Western Xia, and Jin dynasties in northern China frequently clashed. The Yuan dynasty established by the Mongols eventually overthrew the Song when it fled to southern China. The Northern Song and Southern Song periods make up the dynasty. The Northern Song dynasty ruled the majority of what is now Eastern China, with the capital located in the northern city of Bianjing.

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