1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ulleksa [173]
3 years ago
11

$3500 is deposited into a bank account earning 6.75% interest compounded monthly. How long will it take to double in the account

?
Suppose the account was compounding interest continuously. How much more would the account earn in the time it would have originally taken to double?

(I am confused, please help by showing work so I can understand)
Mathematics
1 answer:
nekit [7.7K]3 years ago
7 0

Answer:

Compounded monthly:  It will take 10 years, 4 months to double

Compounded continuously:  They will make $13.65 more

Step-by-step explanation:

Set up the first part using the equation for compounding interest that is not continuous...

A = P(1 + r/n)^(nt)    where r is the rate as a decimal, n is the number of times the interest is compounded, A is the final amount, t is number if years it is compounded for, and P is the initial principle (or deposit)

Plug in what w have.  We want our $3,500 to double, so P = 3500, A = 7000,

r = 0,0675 and n = 12

7000 = 3500(1 + 0.0675/12)^(12t)

We need to solve for t.  First divide both sides by 3500

2 = (1 + 0.0675/12)^(12t)

use natual log rules to solve for t...

ln (2) = (12t)ln(1.005625)

[ln (2)]/[ln (1.005625)] = 12t

123.5724150 = 12t

 

   10.29770125 = t

 

      Or 10 years 4 months  (technically 10 years, 3.57 months, but the interest is compounded by the full month, so we need to round up)

When the interest is compounded continuously, we use the fromula

A = Pe^(rt)        plug in the info we are given to find out how much more we can make...

A = 3500e^(0.0675*10.29771025)       { here we use the actual value we found for t in the last part since the interest is compounded continuously}

A = 7,013.65

That's $13.65 more than when it was compounded monthly for the same time

You might be interested in
Jorge bought 6 chicken pizza and 2 vegetable pizzas for 127.92. Martin bought 3 chicken pizza and 8 vegetable pizzas for 133.89.
Naddika [18.5K]
I would say to add the 2 prices together and that would be your answer! 
So your answer is 261.81!
Hope this helps!
5 0
3 years ago
Read 2 more answers
Give an example of a rule for a pattern. List a set of numbers that fit the pattern.
Jlenok [28]
In this pattern , the numbers are doubling..
2,4,6,8,10...
7 0
3 years ago
Nine minus 3 and 3/8
andriy [413]

Answer:6

Step-by-step explanation:

3 0
3 years ago
Absolute value of 13
natima [27]

Answer:

13.

Step-by-step explanation: the absolute value is the distance away from 0 a number is. 13 is 13 numbers away from 0. the absolute value of negative 5 would simply be 5 since it is still 5 units away from zero, even though it is a negative number.

6 0
3 years ago
HELP <br><br>Determine whether the relation is a function<br><br> y=2w=2​
nexus9112 [7]

Answer:

Hi there!

I might be able to help you!

It is NOT a function.

<u>Determining whether a relation is a function on a graph is relatively easy by using the vertical line test. If a vertical line crosses the relation on the graph only once in all locations, the relation is a function. However, if a vertical line crosses the relation more than once, the relation is not a function</u>. <u>X = y2 would be a sideways parabola and therefore not a function.</u> Good test for function: Vertical Line test. If a vertical line passes through two points on the graph of a relation, it is <em>not </em>a function. A relation which is not a function. The x-intercept of a function is calculated by substituting the value of f(x) as zero. Similarly, the y-intercept of a function is calculated by substituting the value of x as zero. The slope of a linear function is calculated by rearranging the equation to its general form, f(x) = mx + c; where m is the slope.

A relation that is not a function

As we can see duplication in X-values with different y-values, then this relation is not a function.

A relation that is a function

As every value of X is different and is associated with only one value of y, this relation is a function.

Step-by-step explanation:

It's up there!

God bless you!

3 0
3 years ago
Other questions:
  • Could someone please help. The given sides are 25 at the left, 35 at bottoms, 5 at the right. Thank you :)
    5·1 answer
  • Which expression is equivalent to m2−13m−30?
    12·1 answer
  • I'm smart just giving point...whats 9 time 3
    13·2 answers
  • Reynaldo drew a rectangular design that was 6 in. wide and 8in. long. He used a copy machine to enlarge the rectangular design s
    13·1 answer
  • In 2001, one county reported that, among 3132 white women who had babies, 94 were multiple births. There were also 20 multiple b
    6·1 answer
  • i have 9999 jeffs and my friend takes 4934 than gives me 50 times the amount he took how much do i have now
    7·2 answers
  • Factor the expression: x^6-729. Show your work Please.
    9·1 answer
  • PLEASE HELP MATH CIRCLES
    11·1 answer
  • What two pieces of information do you need to calculate arc length?
    5·2 answers
  • Jackie buys 5 books at $27 each and pays for them with 20 dollar bills. How many $20 bills does she need to pay for all the book
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!