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Black_prince [1.1K]
3 years ago
8

If Siddiq invests $10,000 into a fund that earns 8% interest compounded annually, how long will it take for his investment to gr

ow into $100,000?
About 25 years

About 30 years

About 40 years

About 35 years
Mathematics
1 answer:
Gemiola [76]3 years ago
7 0

Answer: About 30 years

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = 10000

r = 8% = 8/100 = 0.08

n = 1 because it was compounded once in a year.

A = 100000

Therefore,

100000 = 10000(1+0.08/1)^1 × t

100000/10000 = (1.08)^t

10 = (1.08)^t

Taking log to base 10 of both sides, it becomes

Log 10 = log 1.08^t

1 = t × log 1.08 = 0.03342t

t = 1/0.03342

t = 29.9

Approximately 30 years

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Mashcka [7]

The fraction 1/8 is alread in the simplest form, so it isn't possible to reduce it any further.

This is a PROPER FRACTION once the absolute value of the top number or numerator (1) is smaller than the absolute value of the bottom number or denomintor (8).

The fraction 1/8 is equal to 1÷8 and can also be expressed in decimal form as 0.125.

How to reduce a fraction

Among different ways simplifying a fraction, we will show the two procedure below:

Method 1 - Divide by a Small Number When Possible

Start by dividing both the numerator and the denomiator of the fraction by the same number, and repeat this until it is impossible to divide. Begin dividing by small numbers like 2, 3, 5, 7. For example,

Simplify the fraction 42/98

First divide both (numerator/denominator) by 2 to get 21/49.

Dividing by 3 and 5 will not work, so,

Divide both numerator and denominator by 7 to get 3/7. Note: 21 ÷ 7 = 3 and 49 ÷ 7 = 7

In the fraction 3/7, 3 is only divisible by itself, and 7 is not divisible by other numbers than itself and 1, so the fraction has been simplified as much as possible. No further reduction is possible, so 42/98 is equal to 3/7 when reduced to its lowest terms. This is a PROPER FRACTION once the absolute value of the top number or numerator (3) is smaller than the absolute value of the bottom number or denomintor (7).

Method 2 - Greatest Common Divisor

To reduce a fraction to lowest terms (also called its simplest form), just divide both the numerator and denominator by the GCD (Greatest Common Divisor).

For example, 3/4 is in lowest form, but 6/8 is not in lowest form (the GCD of 6 and 8 is 2) and 6/8 can be written as 3/4. You can do this because the value of a fraction will remain the same when both the numerator and denominator are divided by the same number.

Hope that helps and please give me Brainliest

7 0
3 years ago
The bill at lunch was $38.40. Joey left a 19% tip. How much tip did Joey leave?
kherson [118]

Answer:

$7.30

Step-by-step explanation:

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=$7.30

3 0
3 years ago
Read 2 more answers
when he shoots a free throw he makes a basket 20% of the time Jai shoots 120 free throws in Use benchmarkercents of 1% and 10% t
Stella [2.4K]

Benchmark percentage of 1% = 9.6 & 10% = 24.

What is Free Throw Percentage?

Free throw percentage (FT%) puts a player’s successful free throws in perspective to their total attempts.

In basketball, a free throw (or foul shot) is awarded to a player who has been fouled by the other team. The number of free throws depends on where on the court the player was while being fouled.

To find 1% of a number, we can move the decimal point of the number two places to the left.

Therefore, 1% of 120 is 1.2

To find 10% of a number, we can move the decimal point of the number one place to the left.

Therefore, 10% of 120 is 12

Since 10% of 120 is 12 and

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then 20% of 120 = 2 x 10% of 120

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Since 1% of 120 is 1.2 and

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then 8% of 120 = 8 x 1%  of 120

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To learn more about benchmark percentages click here brainly.com/question/1201714

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2 years ago
What is the measure of an angle that turns through 3/4 of a complete circle
Elan Coil [88]
270 degrees because a whole circle is 360 degrees so 360×3/4=270
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4 years ago
Pam deposited $890 in a savings account, with three percent simple interest. How much interest will she earn in five years?
Assoli18 [71]
The answer is option 2. Pam will earn an interest of $133.50 from his savings account of $890 with an interest of 3%. Simple interest, also known as flat rate interest, is an interest to be paid or earned each year having a fixed percentage from a principal amount. <span>It is calculated as follows:</span>
$890 x .03 x 5 = $133.50
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