Answer:-5.60
Step-by-step explanation:
Answer:
It will take 27.19 years
Step-by-step explanation:
Compound continuous interest can be calculated using the formula:
, where
- A = the future value of the investment, including interest
- P = the principal investment amount (the initial amount)
- r = the interest rate of interest in decimal
- t = the time the money is invested for
∵ Steve deposits $1250 in an account
∴ P = 1250
∵ The account paying 3.4% annual interest compounded continuously
∴ r = 3.4%
- Change it to decimal by dividing it by 100
∴ r = 3.4 ÷ 100 = 0.034
∵ The account balance will reach to $3150.5
∴ A = 3150.5
- Substitute The values of A, P and r in the formula above to find t
∵ 
- Divide both sides by 1250
∴ 
- Insert ㏑ to both sides
∴ ![ln(2.5204)=ln[e^{0.034t}]](https://tex.z-dn.net/?f=ln%282.5204%29%3Dln%5Be%5E%7B0.034t%7D%5D)
- Remember that 
∵ 
∴ ln(2.5204) = 0.034t
- Divide both sides by 0.034
∴ 27.18875 = t
∴ t ≅ 27.19
It will take 27.19 years
What????????????????????????????
Answer:
Surface Area is 56π cm²
Step-by-step explanation:
The area for a cylinder's surface area is
a=2πrh+2πr²
The cylinder base's radius is 4 cm
The cylinder's height is 3 cm
Putting into the equation:
a=2×π×4×3+2×π×4²
a=2π×4×3+2×π×4²
a=8π×3+2×π×4²
a=24π+2×π×4²
a=24π+2×π×16
a=24π+2π×16
a=24π+32π
a=56π
The surface area of the cylinder is 56π cm².
Answer:
Results are below.
Step-by-step explanation:
Giving the following information:
Monthly deposit= $100
Interest rate= 0.06/12= 0.005
Number of periods= 12*5= 60 months
<u>a)</u>
<u>To calculate the future value, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
FV= {100*[(1.005^60) - 1]} / 0.005
FV= $6,977
b) <u>If the deposit is at the beginning of the month, the interest is compounded one more period</u>. We need to use the following formula:
FV= {A*[(1+i)^n-1]}/i + {[A*(1+i)^n]-A}
FV= 6,977 + {[100*(1.005^60)] - 100}
FV= 6,977 + 35
FV= $7,012