1 + 4x = -5 + 7x
<u> -4x </u> <u> - 4x </u>
1 = -5 + 3x
<u>+5 </u> <u>+5 </u>
6 = 3x
2 = x
Answer: x = 2
Rewrite 2.2 as a fraction or mixed number in it's simplest form
2 answers:
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Answer:
The time required to get a total amount of $ 640.00 from compound interest on a principal of $ 440.00 at an interest rate of 5.6% per year and compounded 365 times per year is approximately 7 years.
Step-by-step explanation:
Given
- Principle Amount P = $440
- Accrued Amount A = $640
- Interest rate r = 5.6% = 0.056
- Compounded daily n = 365
To determine:
Time period t = ?
Using the formula
solving for t
t = ln(A/P) / n[ln(1 + r/n)]
substituting the values A = 640, P = 440, n = 365 and r = 0.056
t = ln(640/440) / ( 365 × [ln(1 + 0.00015342465753425/365)] )
t = 6.691
t ≈ 7 (nearest year)
Therefore, the time required to get a total amount of $ 640.00 from compound interest on a principal of $ 440.00 at an interest rate of 5.6% per year and compounded 365 times per year is approximately 7 years.