2. An investment company pays 9% compounded semiannually. You want to have $8,000 in the future. How much should you deposit now
1 answer:
Answer:
$5151.42
Step-by-step explanation:
The formula you need is
where A(t) is the amount after the compounding, P is the initial investment, r is the interest rate in decimal form, n is the number of compoundings per year, and t is time in years. The info we have is
A(t) = 8000
P = ?
r = .09
t = 5
Filling in we have
Simplifying a bit and we have
Now we will add inside the parenthesis and raise 1.045 to the 10th power to get
8000 = P(1.552969422)
Divide away the 155... on both sides to solve for P.
P = $5151.42
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1/4x - 2 = 3/8
First, to start solving this, we can rearrange our fraction. Let's take 1/4x and change it to x/4. Why? Well, a variable can also be considered as the number 1.
Second, now we can continue solving for our variable (x). Let's add 2 to each side.
Third, let's simplify 3/8 + 2. (3/8 + 2 = 2.375 =19/8)
Fourth, continue trying to get the variable by itself. Multiply each side by 4.
Fifth, let's simplify 19/8 × 4. This is simple. Leave the denominator be and just do 19 × 4, which equals 76.
Sixth, our final step is to simplify our fraction. To do so, we will need to list the factors of the numerator and denominator and find the greatest common factor (GCF).
Factors of 76: 1, 2, 4, 19, 38, 76
Factors of 8: 1, 2, 4, 8
Since 4 is our first common factor, it is considered our GCF.
Seventh, now let's divide. Divide both the numerator and denominator by the GCF (4) to create our new simplified fraction.
Answer in fraction form:
Answer in decimal form:
First, to start solving this, we can rearrange our fraction. Let's take 1/4x and change it to x/4. Why? Well, a variable can also be considered as the number 1.
Second, now we can continue solving for our variable (x). Let's add 2 to each side.
Third, let's simplify 3/8 + 2. (3/8 + 2 = 2.375 =19/8)
Fourth, continue trying to get the variable by itself. Multiply each side by 4.
Fifth, let's simplify 19/8 × 4. This is simple. Leave the denominator be and just do 19 × 4, which equals 76.
Sixth, our final step is to simplify our fraction. To do so, we will need to list the factors of the numerator and denominator and find the greatest common factor (GCF).
Factors of 76: 1, 2, 4, 19, 38, 76
Factors of 8: 1, 2, 4, 8
Since 4 is our first common factor, it is considered our GCF.
Seventh, now let's divide. Divide both the numerator and denominator by the GCF (4) to create our new simplified fraction.
Answer in fraction form:
Answer in decimal form:
