A person invests 10000 dollars in a bank. The bank pays 4.5% interest compounded
1 answer:
The person would have to leave the money in the bank for 7.8 years for it to reach 13,500 dollars.
Step-by-step explanation:
Step 1; First we must calculate how much interest is generated for a single year. The annual interest rate is 4.5% i.e. 4.5% of 10,000 dollars which equals 0.045 × 10,000 = 450 dollars a year. As the years pass, more and more will be put into the account due to interest.
Step 2; For there to be 13,500 dollars in the bank account we need to calculate how much money is added due to interest.
The money needed to be added through interest = 13,500 - 10,000 = 3,500 dollars.
So we need to determine how long it will take for the bank to add 3,500 dollars by adding 450 dollars a year.
The number of years to reach 13,500 dollars = = 7.777 years. By rounding this value to the nearest tenth, we get 7.8 years.
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Please see the attached figure. This is how you draw a hyperbola. Its general formula is:
(x-h)²/a² - (y-k)²/b² = 1, where
(h,k) is the center
a is the semi-major axis
b is the semi-minor axis
The given equation is
(x+4)²/16 - (y+3)²/25 = 1
So, from the general form we can deduce that,
Center(-4,-3)
a = 4
b = 5
So, the first point we can plot is the centerpoint. Next, you draw the two intersecting lines. Their slopes are +/- b/a. Thus, it corresponds to +/- 5/4. Using this slope, we can find the equation of the two lines by using the slope and the center.
-3 = +5/4 (-4) + b ---> b= 2
-3 = -5/4 (-4) + b ---> b= -8
So, you plot the equations y=5/4x + 2 and y = -5/4 x -8 by assigning values of x and plotting them against y. Then, the vertex of the hyperbolas are 4 units from the center, denoted by the green dots. The hyperbola is shown in the next picture.
(x-h)²/a² - (y-k)²/b² = 1, where
(h,k) is the center
a is the semi-major axis
b is the semi-minor axis
The given equation is
(x+4)²/16 - (y+3)²/25 = 1
So, from the general form we can deduce that,
Center(-4,-3)
a = 4
b = 5
So, the first point we can plot is the centerpoint. Next, you draw the two intersecting lines. Their slopes are +/- b/a. Thus, it corresponds to +/- 5/4. Using this slope, we can find the equation of the two lines by using the slope and the center.
-3 = +5/4 (-4) + b ---> b= 2
-3 = -5/4 (-4) + b ---> b= -8
So, you plot the equations y=5/4x + 2 and y = -5/4 x -8 by assigning values of x and plotting them against y. Then, the vertex of the hyperbolas are 4 units from the center, denoted by the green dots. The hyperbola is shown in the next picture.