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aleksandrvk [35]

2 years ago

14

Fatima opens an account with 1300 that earns 3.5% interest, compounded monthly. How long will it take the account value to be $2

500?

1 answer:

shutvik [7]2 years ago

7 0

Answer:

The formula to calculate the account value in future (compounded monthly):

A = Principal x (1 + rate/12)^(month)

=> 2500 = 1300 x (1 + (3.5/100)/12)^(month)

=> (1 + 0.00291)^(month) = 2500/1300

=> 1.00291^(month) = 1.923

=> month = log(1.923)/log(1.00291) = 225

=> It will take 225 months to have 2500 dollar in account.

Hope this helps!

:)

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We have been given that the rectangle has an area of $18x^3$ square meters and a length of $2x^{2}$ . We are asked to find the width of rectangle.

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