Answer: $2,833.47
Step-by-step explanation:
Part 1:
n = [lnA - lnP] / ln(1 + i)
n = [ln15000 - ln10000] / ln(1 + 0.03)
n = [9.6158 - 9.2103] / 0.0296
n = 13.70
13 years, 8 months, and 12 Days
Part 2:
P = A / [(1 + i)n]
P = 15000 / [(1.03)4]
P = 15000 / 1.1255
P = $13,327.31
Part 3:
A = 10000 (1 + 0.04)5
A = $12,166.53
The amount of money you need to save to buy a car at $15,000 would be;
$15,000 - $12,166.53
=> $2,833.47
Answer:
4 i did the quizzzzzzzzzzzzzzzzzzzzzzzzz
Step-by-step explanation:
9514 1404 393
Answer:
yes
Step-by-step explanation:
By the "rule of 72", the amount will be doubled in 72/I years, where I is the annual interest rate in percent. That is, it can be estimated to take 72/4 = 18 years to double the $240 investment to $480. It would take another 18 years to double it again to $960. So, to achieve a balance of $1500 will be expected to take more than 36 years. The only reasonable answer choice is the one you have selected.
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The exact solution is ...
log (1500/240)/log(1 +0.04) ≈ 46.72 years ≈ 47 years.
Answer:
Step-by-step explanation:
we know 100 cm are in one meter, so, 3 meters = 300 cm
then 20/300 = 20 cm of 3 meters , now just reduce the fraction
20/300
= 2 / 30
= 1/15
see??
Answer:
B) 1
Step-by-step explanation:
The smallest integer larger than 0.6 is 1.
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The funny single-ended brackets signify the "ceiling" function. If the bent end is at the bottom, the "floor" function is indicated. The "ceiling" function returns the smallest integer not less than the given value. The "floor" function returns the largest integer not greater than the given value.
These are more commonly used than you might think. For example, the charge in a parking lot may be for a number of hours or fraction thereof. That is an expression of the ceiling function applied to hours. In this problem, that would mean that parking for 0.6 hours would be charged as 1 hour.