Answer:
P=646
R=5%
T=2yrs
I=?
I=PRT/100
I= 646*5*2/100
I= 64.6
Step-by-step explanation:
The time it will take the principal to grow to the desired amount is 0.7 years
Using the compound interest formula :
A = P(1 + r/n)^(nt)
A = final amount = 225,000
P = principal = 180,000
r = rate = 3.12%
n = Number of compounding times per period = 12(monthly)
t = time
225000 = 180000(1 + (0.0312 /12))^(12t)
Divide both sides by 180000
225000/180000 = (1 + (0.0312 /12))^(12t)
1.25 = 1.026^12t
Take the log of both sides
0.0969100 = 0.0111473 × 12t
0.0969100 = 0.1337676t
Divide both sides by 0.1337676 to isolate t
0.0969100 / 0.1337676 = t
0.7244 years
0.7 years
It will take 0.7 years for the amount to grow
Learn more : brainly.com/question/21270833?referrer=searchResults
Well you can either think of actually dividing the fraction or reduce to lowest forms which is 1/2. then from 1/2 you can either divide that or just say it is .5.
The area to the right of z = 1.35 is 0.0885 and the area to the left of -0.47 is 0.3192.
<h3>How to compute the values?.</h3>
Given z = 1.35
= 1- P(z < 1.35)
= 1- 0.9115
= 0.0885
The area to the left of -0.47 will be:
= 1 - P(z < 0.47)
= 1 - 0.6808
= 0.3192
Learn more about normal curve on:
brainly.com/question/6758792
#SPJ1