Peter has 4 boxes of markers.
1 answer:
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Answer:
27 years
Step-by-step explanation:
The formula for the number of payments can be used:
N = -log(1 +0.05(1 -1000000/65000))/log(1.05) +1 = 27.03
There will be a couple thousand dollars left after the 27th payment.
The winnings will last 27 years.
The formula for compounded continuously is :
Here the Amount triples , so let us say the new amount A=3P
Cancelling P from both sides we get,
Now here we are given rate is 2.75% or 0.0275,
solving for t we get
t=39.95 years