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nlexa [21]
3 years ago
12

You decide to put $175 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate

of 3% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds?
Mathematics
1 answer:
myrzilka [38]3 years ago
7 0
The future value (A) of a principal amount P compounded 12 times per year at rate r for t years is given by
  A = P·(1 + r/12)^(12t)

Substitute the given values and solve for t.
  3000 = 175·(1 + .03/12)^(12t)
Taking logarithms, this becomes
  log(3000) = log(175) + 12t·log(1.0025)
  (log(3000) -log(175))/(12·log(1.0025)) = t
  t ≈ 94.84

It will take 95 years for the balance to grow by a factor of 17 to $3000.
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Three hikers are dividing the costs of a hiking trip evenly. They bought two permits that cost $15 each, three tram tickets that
cestrela7 [59]

Each hiker owes $41 or 4100 cents for the hiking trip.

<u><em>Explanation</em></u>

Cost of each permit is $15. So, the cost of <u>two permits</u> will be: (\$15*2)= \$30

Cost of each tram ticket is $19. So, the cost of <u>three tickets</u> will be: (\$19*3)=\$ 57

Cost of <u>one can</u> of bear spray is $36.

So, the total cost of the hiking trip =\$30+\$57+\$36=\$123

As the <u>three hikers</u> are dividing the total costs of the trip <u>evenly</u>, so each hiker owes =\frac{\$123}{3}=\$41 or 4100 cents.


3 0
2 years ago
The drama club sold 209 evening show tickets for $18.50 each and some afternoon show tickets. They want to make $5,700 for the t
Zina [86]

Answer:

156

Step-by-step explanation:

209x18.50=3866.5

5700-3866.5=1833.5

1833.5÷11.75=156.04

3 0
2 years ago
Sir Ving Spoon earned $5,436 on his $7,550 certificate of deposit. If he had the CD for 12 years, what simple interest rate did
Lilit [14]

6% or 0.06 is the simple interest rate the bank pays him.

<u>Step-by-step explanation:</u>

Sir Ving Spoon earned $5,436 on his $7,550 certificate of deposit.

From this given information,

It can be determined that the Principal amount is $7550 and the interest amount is $5436.

The CD is for 12 years. Therefore, the number of years is 12.

<u>To find the interest rate (r) :</u>

Using the simple interest formula,

Interest = P×r×t

where,

  • P is the principal amount = $7550
  • r is the rate of interest.
  • t is the number of years = 12

⇒ 5436 = 7550 × r × 12

⇒ 5436 = 90600 × r

⇒ r = 5436 / 90600

⇒ r = 0.06

Multiply by 100 to represent in rate %

⇒ r = 0.06 × 100

⇒ r = 6%

∴ 6% or 0.06 is the simple interest rate the bank pays him.

5 0
3 years ago
If EFH = (5x + 1)°, HFG = 62°, and EFG = (18x + 11)°, find EFH
olga55 [171]

Given:

Consider the below figure attached with this question.

∠EFH = (5x + 1)°, ∠HFG = 62°, and ∠EFG = (18x + 11)°

To find:

The measure of ∠EFH.

Solution:

From the figure it is clear that ∠EFG is divide in two parts ∠EFH and ∠HFG. So,

\angle EFG=\angle EFH+\angle HFG

18x+11=(5x+1)+(62)

18x+11=5x+63

Isolate variable terms.

18x-5x=63-11

13x=52

Divide both sides by 13.

x=\dfrac{52}{13}

x=4

The value of x is 4.

\angle EFH=(5x+1)^\circ

\angle EFH=(5(4)+1)^\circ

\angle EFH=(20+1)^\circ

\angle EFH=21^\circ

Therefore, the measure of ∠EFH is 21°.

8 0
3 years ago
PLS help ASAP I DONT have time to answer this, it also detects if it’s right or wrong.
pogonyaev

Answer: the answer is 40 degrees

Step-by-step explanation: could I please have brainliest?

4 0
3 years ago
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