Sparky bought a rare Mickey Mantle baseball card for $16,500 that is increasing 8% in value every year. How much will the card b
1 answer:
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£2.700 - £1890 = £810
<span>£ (money) -------------- percentage (%)
</span>2.700 -------------------- 100
810 ----------------------- x
2700*x = 810*100
2700x = 81000
Answer:
Percentage loss = 30%
<span>£ (money) -------------- percentage (%)
</span>2.700 -------------------- 100
810 ----------------------- x
2700*x = 810*100
2700x = 81000
Answer:
Percentage loss = 30%
Answer:
5 years
Step-by-step explanation:
In the question we are given;
- Amount invested or principal amount as $5048
- Rate of interest as 4% compounded 12 times per year
- Amount accrued as $6,163.59
We are required to determine the time taken for the money invested to accrue to the given amount;
Using compound interest formula;
where n is the interest period and r is the rate of interest, in this case, 4/12%(0.33%)
Therefore;
introducing logarithms on both sides;
But, 1 year = 12 interest periods
Therefore;
Number of years = 60.61 ÷ 12
= 5.0508
= 5 years
Therefore, it will take 5 years for the invested amount to accrue to $6163.59