The time it will take the principal to grow to the desired amount is 0.7 years
Using the compound interest formula :
A = P(1 + r/n)^(nt)
A = final amount = 225,000
P = principal = 180,000
r = rate = 3.12%
n = Number of compounding times per period = 12(monthly)
t = time
225000 = 180000(1 + (0.0312 /12))^(12t)
Divide both sides by 180000
225000/180000 = (1 + (0.0312 /12))^(12t)
1.25 = 1.026^12t
Take the log of both sides
0.0969100 = 0.0111473 × 12t
0.0969100 = 0.1337676t
Divide both sides by 0.1337676 to isolate t
0.0969100 / 0.1337676 = t
0.7244 years
0.7 years
It will take 0.7 years for the amount to grow
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I believe it is the first figure
This is a proportion problem
Info needed: there is 36 inches in a yard
1/36= x/18
Cross multiply and divide
18 x 1= 18
18 divided by 36= .5 or 1/2
Answer is 1/2
You could have also known that 18 inches was half of 36 inches. Which 36 inches equals one yard
12 x 12 = 144, 144 x 3 and then subtract 5 to get 427
Y=4^x-3 translated down 3 units
y=4^x+3 translated up 3 units
y=-4^x-3 translated down 3 units and vertical reflection
y=-4^x+3 translated up 3 units and verticals reflection
