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
nlexa [21]
4 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]4 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.
You might be interested in
Algebra 1 Check Answer Please
BigorU [14]
The answer is the third one.

The way I think through these problems is that where you multiply (-7x), you use addition, and where you use addition (-4), you multiply.

The answers added together will equal the second number, -7, and multiplied will give you the third, -4.

What you had chosen as the answer was close. But 7.53+-0.53 equals positive 7, not negative. However they do round to -4 when multiplied.

The correct answer, -7.53 and 0.53, do equal -7 when added together and equal -4 when multiplied.
5 0
3 years ago
X÷0.4=2 1/9 ÷3 1/6? What does x equal? Explain your answer thoroughly.
Ainat [17]
I would recommend calculatorsoup.com for the fractions part.
3 0
3 years ago
Work out the percentage change to 2 decimal places when a price of £198 is increased to £209.99.
bija089 [108]

Answer:

The percentage change = 6.05%

Step-by-step explanation:

New value = £209.99

Old value = £198

Percentage change = [New Value - Old Value] / [Old Value] × 100

                                 = [209.99 - 198] / [198] × 100

                                 = [11.99] / [ 198] × 100

                                 = 0.06 × 100

                                 = 6.05%

Therefore, the percentage change = 6.05%

5 0
3 years ago
Solve the following equation by factoring. 6x 2 - 5x = 50 {-5/3, 5} {-5/2, 10/3} {-10/3, 5/2}
rosijanka [135]
The correct answer is <span>{-5/2, 10/3}.</span>
6 0
3 years ago
8x8-5x20<br><br> 12<br> 45<br> 64<br> -36<br> -15<br> -10
Orlov [11]
-36 because 64-100 (separate the terms)
6 0
2 years ago
Read 2 more answers
Other questions:
  • The length of a rectangle is 59 inches greater than twice the width. If the diagonal is 2 inches more than the​ length, find the
    5·1 answer
  • A baker sells single bagels or packages of 6 bagels. On Sunday, they sold a total of 167 bagels, 41 of which were singles. Which
    5·1 answer
  • Find the missing side lengths. Leave your answers as radicals in simplest form.
    6·1 answer
  • In triangle ABC, points N and M lie on sides AB and AC, respectively.Given AM = AN = BM = NC = BC, find m∠BAC.
    6·1 answer
  • What is the solution of the following linear system of equations? 4y=−5x−2, x−4y=14
    15·1 answer
  • Drag the dots to plot (5.5, 4), (-7,1), and (0,–9).<br> y
    15·1 answer
  • Please help I’ll give you guys brainiest!<br><br><br> Thank youuuuuuu :))
    12·1 answer
  • Using diagonals from a common vertex, how many triangles could be formed from a hexagon?
    10·1 answer
  • Which ames are other ways to name &lt;1?
    15·1 answer
  • You ask four people to the prom. If X is the number of "yes" responses, what is E(X)? Assume equal probability for
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!