Olivia deposited $2,136.70 into a saving account with an interest rate of 2.7% compounded quarterly. About how long will it take
2 answers:
Answer:
23.26 years
Step-by-step explanation:
Use the compound interest formula:
A = P
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
P = $2,136.70
r = 2.7
n = 4
A = $4,000
Now we plug everything in and solve for t.
$4,000 = $2,136.70
$4,000 = $2,136.70
$4,000 = $2,136.70 Divide each side by $2,136.70
$4,000/$2,136.70 =
1.87 =
log (1.87) = log
log 1.87 = (4t) (log 1.00675) Divide each side by (log 1.00675)
= 4t
93.044 = 4t Divide each side by 4.
93.044/4 = t
23.26 = t
23.26 years
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I hope this helps you
Answer:
1,000,000 times larger
Step-by-step explanation:
2 x = 200,000,000
2 x = 200
200,000,000 divided by 200 is 1,000,000
It can also be solved by subtracting the exponents from 10. Then dividing the two number being put the scientific notation.
=
2 ÷ 2 = 1
Now solve:
1 x = 1,000,000