Answer:
$71.40
Step-by-step explanation:
Turn the percentage 30 to a decimal, which is 0.3 then multiply it by 238 to get 71.4
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.
7.8+3.5(6.8)-1.5
7.8+23.8-1.5
31.6-1.5
30.1
