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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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Guys pls kindly help me with this one I will brainlest the one with a serious answer please I need it right now this is rush ple
Galina-37 [17]

Hey there :)

An exact answer cannot be given as it requires to reseach about banks and co-operatives in your locality. However, I can give you a hint.

Research banks or cooperatives in your location that has the greatest percentage in terms of investment or savings.

Let's say, for example, Bank ABC has 5% annual simple interest in their Savings Account.

If you invest your entire money 100,000 pesos at Bank ABC with 5% annual interest for 20 years, you will earn an interest of:

Interest = Principal \times Rate \times Time

=  > Interest =100000 \times 0.05 \times 20yrs

=  > Interest = 100000

Hence, after investing at Bank ABC for 20 years, you will earn 100,000 pesos on top of your principal/invested amount that is 100,000 pesos. Your money will become 200,000 pesos now.

So, with this, find a bank/cooperative that has the highest return rate in your location. Once you have decided bank/cooperative, research further with regards to the background of the company, other services offered, application requirements, etc.

~ Benjemin360

4 0
2 years ago
The lengths of the sides of a triangle are 18 km, 23 km, and 30 km. Is the triangle a right triangle, an acute triangle, or an o
babunello [35]

a^2 + b^2 = c^2 is right         a^2 + b^2 > c^2 is acute        a^2 + b^2 < c^2 is obtuse

a^2 + b^2 = c^2

18^2 + 23^2 = 30^2

324 + 529 = 900

853 < 900

obtuse


6 0
3 years ago
What is the answer to 25 = k/5; k =5
kumpel [21]
"k" would equal 125 if you were dividing (125/5), but if you were multiplying the answer would be 5 (5x5)
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gogolik [260]

Answer:B is the right answer.

6 0
3 years ago
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