I need help please

You decide to put $2,000 in a savings account to save for a $3,000 downpayment on a new car. If the account has an interest rate

DanielleElmas [232]

It takes 10.155 years until you have $3,000 ⇒ 3rd

Step-by-step explanation:

The formula for compound interest, including principal sum is:

$A=P(1+\frac{r}{n})^{nt}$ , where

A is the future value of the investment/loan, including interest
P is the principal investment amount
r is the annual interest rate (decimal)
n is the number of times that interest is compounded per unit t
t is the time the money is invested or borrowed for

∵ You decide to put $2,000 in a savings account

∴ P = 2000

∵ You want to save for $3,000

∴ A = 3000

∵ The account has an interest rate of 4% per year and is

compounded monthly

∴ r = 4% = 4 ÷ 100 = 0.04

∴ n = 12 ⇒ compounded monthly

- Substitute all of these values in the formula above to find t

∵ $3000=2000(1+\frac{0.04}{12})^{12t}$

- Divide both sides by 2000

∴ $1.5=(1+\frac{1}{300})^{12t}$

∴ $1.5=(1\frac{1}{300})^{12t}$

- Change the mixed number to an improper fraction

∴ $(1.5)=(\frac{301}{300})^{12t}$

- Insert ㏒ for both sides

∴ $log(1.5)=log(\frac{301}{300})^{12t}$

- Remember $log(a)^{n}=nlog(a)$

∴ $log(1.5)=(12t)log(\frac{301}{300})$

- Divide both sides by $log(\frac{301}{300})$

∴ 121.84 = 12 t

- Divide both sides by 12

∴ 10.155 = t

It takes 10.155 years until you have $3,000

Learn more:

You can learn more about the compound interest in brainly.com/question/4361464

#LearnwithBrainly

5 0

2 years ago

Round the following numbers to the nearest 10. The numbers they have is 13,21,29

earnstyle [38]

Answer:

13: 10

21: 20

29: 30

Step-by-step explanation:

5 0

2 years ago

True or False, An integer divided by its opposite allways equals -1. This is false because of "0" is this correct?

valentinak56 [21]

An integer divided by its opposite always equals -1: this is false. Any number which is not 0 divided by it's opposite is in fact equal to -1, but since 0 is also an integer, it's false. You are right, good job!

4 0

2 years ago

Read 2 more answers

Forensic specialists can estimate the height of a deceased person from the lengths of the person's bones. These lengths are subs

Lera25 [3.4K]

Answer:

$130.2845\leq h\leq 137.7245$

Step-by-step explanation:

Given an inequality that relates the height h, in centimeters, of an adult female and the length f, in centimeters, of her femur by the equation

$|h - (2.47f + 54.10)| \leq 3.72$

If an adult female measures her femur as 32.25 centimeters, we can determine the possible range of her height by plugging f = 32.25cm into the modelled equation as shown:

$|h - (2.47(32.25) + 54.10)| \leq 3.72\\|h - (79.9045 + 54.10)| \leq 3.72\\|h - (134.0045)| \leq 3.72\\$