Answer:
7 years 11 months
Step-by-step explanation:
The future value formula for the value of a principal P invested at annual rate r compounded n times yearly for t years is ...
FV = P(1 +r/n)^(nt)
For the given numbers, we want to find t:
6000 = 3700(1 +.062/2)^(2t)
Dividing by 3700 and taking the logarithm, we get ...
6000/3700 = 1.031^(2t)
log(60/37) = 2t·log(1.031)
Dividing by the coefficient of t gives ...
t = log(60/37)/(2log(1.031)) ≈ 7.92 . . . . . years
It will take about 7 years 11 months for the investment to grow to $6000.
Answer:
What do you mean
Step-by-step explanation:
I don’t understand
The answer is 6the answer is 63
I can try how do I help you ?
Answer:
16 rides
Step-by-step explanation:
Option 1 . Admission fee = $10
Each ride = $0.50
Option 2 . Admission fee = $6
Each ride = $0.75
Let no. of rides be x
So, cost of ride according to option 1 = 0.50x
So, total cost after having x rides according to option 1 :
= 10+0.50x ---1
Cost of ride according to option 2 = 0.75x
So, total cost after having x rides according to option 2 :
= 6+0.75x --2
Now to find the beak even point i.e. having the same cost
Equate 1 and 2





Thus for 16 rides , the two options have the same cost .
Hence the break even point is 16 rides