Need help with math!!

2. Harry just deposited $1500 into a savings account giving 6% interest compounded quarterly.a) How much will be in the account

Studentka2010 [4]

The formula for compound interest is:

$\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ \text{where,} \\ A=\text{ Final amount} \\ r=\text{ Interest rate} \\ n=\text{ Number of times interest applied per period} \\ t=\text{ Number of time period elapsed} \\ P=\text{ Intial principal balance} \end{gathered}$

Given data:

$\begin{gathered} P=\text{ \$1500} \\ r=6\text{ \%}=0.06 \\ n=4\text{ times (compounded quarterly)} \end{gathered}$

a. After ten years, that is t = 10 years, the amount in the account will be

$\begin{gathered} A=1500(1+\frac{0.06}{4})^{4\times10} \\ A=\text{ }1500(1+0.015)^{40} \\ A=\text{ }1500(1.015)^{40} \\ A=\text{ \$2721.03} \end{gathered}$

b. After twenty years, that is t = 20 years, the amount in the account will be:

$\begin{gathered} A=1500(1+\frac{0.06}{4})^{4\times20} \\ A=1500(1.015)^{4\times20} \\ A=1500(1.015)^{80} \\ A=\text{ \$}4935.99 \end{gathered}$

c. The time it takes for Harry's initial account value to double will be:

$\begin{gathered} A=2\text{ x initial value = 2 }\times\text{ \$1500 = \$3000} \\ 3000=1500(1.015)^{4t} \\ (1.015)^{4t}=\frac{3000}{1500} \\ (1.015)^{4t}=2 \\ \text{ Find the logarithm of both sides} \\ \ln (1.015)^{4t}=\ln 2 \\ 4t=\frac{\ln 2}{\ln 1.015} \\ 4t=46.56 \\ t=\frac{46.56}{4}=11.64 \end{gathered}$

Therefore, the time it takes Harry's initial account to double is approximately 11 years

8 0

1 year ago

Vince borrows $900 to buy a couch. He will pay off the loan by paying 1.5% simple interest for 2 years. Vince incorrectly calcul

NikAS [45]

Answer:

ummmmm

Step-by-step explanation:

4 0

3 years ago

Find all pairs of natural numbers which can be the solution to the equation a+b=42.

Setler [38]

Answer:

(1,41), (2,40), (3,39), (4,38), (5,37), (6,36), (7,35), (8,34), (9,33), (10,32), (11,31), (12,30), (13,29), (14,28), (15,27), (16,26), (17,25), (18,24), (19,23), (20,22), (21,21), (22,20), (23,19), (24,18), (25,17), (26,16), (27,15), (28,14), (29,13), (30,12), (31,11), (32,10), (33,9), (34,8), (35,7), (36,6), (37,5), (38,4), (39,3), (40,2), (41,1).

Step-by-step explanation:

To find all pairs of natural numbers which are solution to a+b=42, we need to first choose a value to one of them (let's choose 'a'), and that value will be the lowest possible, so we begin with a=1, and then we increase to 2, and 3, and so on.

For each value of a, we calculate the value of b using the equation.

So, starting with a=1, we have that b=41

Then, with a=2, we have that b=40, and so on.

Doing this until a=41 (so b=1 will be the lowest value possible for b), we have the pairs of natural number we want:

(1,41), (2,40), (3,39), (4,38), (5,37), (6,36), (7,35), (8,34), (9,33), (10,32), (11,31), (12,30), (13,29), (14,28), (15,27), (16,26), (17,25), (18,24), (19,23), (20,22), (21,21), (22,20), (23,19), (24,18), (25,17), (26,16), (27,15), (28,14), (29,13), (30,12), (31,11), (32,10), (33,9), (34,8), (35,7), (36,6), (37,5), (38,4), (39,3), (40,2), (41,1).

5 0

3 years ago

If it takes 5.7 gallons an hour how many cups will it take a minute

tino4ka555 [31]

1 gallon = 16 cups
1 hour = 60 min

16 cups = 60 min
5 gallons =180 min/ 3 hrs

1 cup = 3.75 minutes

4 0

3 years ago

Read 2 more answers

Directions: Type the correct answer in each box. Write the coordinates in the form (x, y). If necessary, use / for the fraction

Zanzabum

Answer:

-10.25,-3.75 then the next one is -5.75,-10.75