Answer: No, the money won't be enough to buy the car
Step-by-step explanation:
you plan on buying yourself a new $20,000 car on graduation day and graduation day is 24 months time. If you invest $300 a month for the next 24 months.
The principal amount, p = 300
He is earning 4% a month, it means that it was compounded once in four months. This also means that it was compounded quarterly. So
n = 4
The rate at which the principal was compounded is 4%. So
r = 4/100 = 0.04
It was compounded for a total of 24 months. This is equivalent to 2 years. So
n = 2
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount that would be compounded at the end of n years.
A = 300(1 + (0.04/4)/4)^4×2
A = 300(1 + 0.01)^8
A = 300(1.01)^8
A = $324.857
The total amount at the end of 24 months is below the cost of the car which is $20000. So he won't have enough money to buy the car
I'll use multiples of 2 and 4 as an example:
Multiples of 2: 2, 4, 6, 8...
Multiples of 4: 4, 8, 12, 16...
The least common multiple in this case is 4. The LCM is always ≥ the largest starting number, which is 4 for this example. Therefore, the statement is true.
<em>Hope this helps! :)</em>
The chart on the side should help you out. The width of a doorway is approximately 1 meter and the height of a skyscraper is 1,000 meters. Divide the height of the skyscraper by the width of the doorway to get your answer. It would take 1,000 door widths to make up the height of a skyscraper, so the height of the skyscraper is 1,000 times the width of the doorway.
