9514 1404 393
Answer:
14.1 years
Step-by-step explanation:
Use the compound interest formula and solve for t. Logarithms are involved.
A = P(1 +r/n)^(nt)
amount when P is invested for t years at annual rate r compounded n times per year.
Using the given values, we have ...
13060 = 8800(1 +0.028/365)^(365t)
13060/8800 = (1 +0.028/365)^(365t) . . . . divide by P=8800
Now we take logarithms to make this a linear equation.
log(13060/8800) = (365t)log(1 +0.028/365)
Dividing by the coefficient of t gives us ...
t = log(13060/8800)/(365·log(1 +0.028/365)) ≈ 0.171461/0.0121598
t ≈ 14.1
It would take about 14.1 years for the value to reach $13,060.
Using proportions, it is found that his tax rate is of 28.84%.
<h3>What is a proportion?</h3>
A proportion is a fraction of a total amount, and the measures are related using a rule of three. Due to this, relations between variables, either direct(when both increase or both decrease) or inverse proportional(when one increases and the other decreases, or vice versa), can be built to find the desired measures in the problem, or equations to find these measures.
His tax rate is the proportion that the <u>deductions are of the total salary</u>, hence:
12,200/42,300 = 0.2884 = 28.84%.
Hence his tax rate is of 28.84%.
More can be learned about proportions at brainly.com/question/24372153
#SPJ1
Joe would be paying $700 in 5 years time.
Explanation:
($2,000)(0.07/year)(5 years)
= ($2,000)(0.07)(5)
= $700
BC is greater than AC is correct. If you need help with the construction, feel free to ask.
And maybe you're not clear with the options, because you've written BC two times which is necessarily not an answer/option.
