How do I do this question #2

If the interest rate is 7%, how many years will it take for your bank balance to double from $1,000 to $2,000?Enter the followin

svlad2 [7]

Answer:

It will take 14.29 years for your bank balance to double from $1,000 to $2,000.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

$E = P*I*t$

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

$T = E + P$ .

If the interest rate is 7%, how many years will it take for your bank balance to double from $1,000 to $2,000?

We have that $P = 1000, I = 0.07$

We want to find t when E = 1000, so $T = P + E = 2000$ .

$E = P*I*t$

$1000 = 1000*0.07*t$

$t = \frac{1}{0.07}$

$t = 14.29$

It will take 14.29 years for your bank balance to double from $1,000 to $2,000.

8 0

3 years ago

Under the last-in, first-out (LIFO) inventory valuation method, a price index for inventory must be established for tax purposes

frosja888 [35]

Answer:

The laspeyres method of weighted aggregate price index is used of LIFO inventory valuation, therefore laspeyres index number is 106.08

Step-by-step explanation:

First of all we would have to perform the following table:

Product Ending Inventory(Q0) Begining(P0) Ending(P1) P0×Q0 P1×Q0

A 500 0.15 0.21 75 105

B 50 1.60 1.80 80 90

C 100 4.50 4.20 450 420

D 40 12.00 13.40 480 536

Total 1085 1151

Therefore, using laspeyres index number, we calculate the following:

laspeyres index number=(∑P1×Q0/∑P0×Q0)×100

laspeyres index number=(1151/1085)×100

laspeyres index number=106.08

8 0

3 years ago

For the past 5 years, Frank and Peggy have deposited $15,000 in a retirement account with a simple interest rate of 7%. They pla

VMariaS [17]

next 25 years addition of 1050x25 = $26250 they

will get

8 0

3 years ago

Read 2 more answers

Check image giving brainliest to first correct answer

Snowcat [4.5K]

Answer:

7

Step-by-step explanation:

So:a=3

b=(-2)

c=2

Substitute the numbers into each letters

so a is represented by 3,c by 2 and b -2

therefore giving us: 2

3+(-2)=9+(-2)=7

7 0

2 years ago

A mixture contains forty ounces of glycol and water and is ten percent glycol. If the mixture is to be strengthened to twenty-fi

telo118 [61]

If we add 8 oz of glycol to the 40 oz mixture we have 48 oz of mixture and 4+8 = 12 oz glycol
12 / 48 = 1/4 = 25 % glycol

the answer is 8 oz

4 0

3 years ago

Read 2 more answers