1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
The sum of a number X and four all divided by three
sergey [27]

If you are looking for the expression, that would be (x+4)/3

4 0
2 years ago
Read 2 more answers
have you baseball card collection got what animals ruined you bought 11 cards to replace some that were lost how many did you be
UkoKoshka [18]
24 (you new amount) - 11 (new cards) = 13 cards to begin with
6 0
2 years ago
Totsakan bought one can of pineapple chunks for $2. How many cans can Stefan buy if he has $16?
liq [111]

Answer: she can buy 8 more pineapple chunks

Step-by-step explanation:

7 0
3 years ago
Please answer correctly !!!!! Will mark Brianliest !!!!!!!!!!!!!!
expeople1 [14]

Answer:

PT and SQ

Step-by-step explanation:

IF two segments are perpendicular then they will create 90 degree angles

segment PR and segment SQ cross over each other and create 90 degree angles therefore segment PR is perpendicular to segment SQ

4 0
3 years ago
Read 2 more answers
Wat r partial products of 452×12
Dennis_Churaev [7]
400×10=4000
400×2=800
50×10=500
50×2=100
2×10=20
2×2=4

4000+800+500+100+20+4=5,424
Check answer by multiplying 452 and 12
452×12=5,424
5 0
3 years ago
Other questions:
  • Help me please 2. You learn from your science teacher that water expands when you freeze it. The next time that you freeze your
    11·1 answer
  • What is the quotient of 6484 Divided By 24
    13·2 answers
  • Please help me and please answer both questions
    8·1 answer
  • What sets of numbers does -6 belong to
    7·1 answer
  • There were 10 students in a teacher's classroom. The next week, there were 17 students. What is the percent increase
    11·1 answer
  • 3/4(8m-4)=2/3(12m-6)
    5·1 answer
  • 21. Construct quadrilateral ABCD, where AB = 4.5 cm, BC = 5.5 cm, CD = 4 cm, AD = 6 cm,
    6·1 answer
  • Dave divided 3/5 of a gallon of plant fertilizer evenly among 6 smaller bottles. How many gallons did he put in each bottle?
    10·1 answer
  • A grocery store owner asked the first 20 children who visited the store one day about their favorite snack. This is what type of
    15·1 answer
  • Which methods correctly solve for the variable x in the equation 7 - x =18?​
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!