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DochEvi [55]
4 years ago
9

A person invest 1500 dollars in a bank. The bank pays 6.25% interest compounded daily. To the neatest tenth of a year, how long

must the person leave the money in the bank until it reaches 4000 dollars?​
Mathematics
1 answer:
IRINA_888 [86]4 years ago
8 0

Answer:

15.6 years

Step-by-step explanation:

We calculate the effective annual rate for 6.25% compounded daily:

i_n=(1+i/n)^n-1 \ \ \, n=365, i=6.25\%\\\\i_{365}=(1+0.0625/365)^{365}-1\\\\i_{365}=0.064488763

Given the principal amount as $1500 and the future value as $4000, the number years is calculated as:

FV=P(1+i)^n, \ \ \ \ \ P=1500, FV=4000, i=0.064488763\\\\4000=1500(1+.064488763)^n\\\\\frac{8}{3}=1.064488763^n\\\\n=\frac{log(\frac{8}{3})}{log \ 1.064488763}\\\\n=15.6

Hence, the term of the loan is 15.6 years

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What is the y value in the solution to this system of linear equations?
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Answer:

The y-value is -20

Step-by-step explanation:

So let's solve this by Elimination method;

-2(4x + 5y = -12)

4(2x + 3y = -16)

Let's Distribute;

-8x - 10y = 24

8x + 12y = -64

So x cancels out because -8 + 8 = 0

-10y + 12y = 2y

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Divide both sides by 2;

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Now lets plug in y to find the value of x;

4x + 5(-20) = -12

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Add 100 to both sides;

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8 0
3 years ago
Help please..................
Ivahew [28]
(f+g)(x) = f(x) + g(x)
(f+g)(x) = [ f(x) ] + [ g(x) ]
(f+g)(x) = [ 3x-2 ] + [ 2x+1 ]
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Answer is choice B
8 0
3 years ago
Turn .055 into fraction
Slav-nsk [51]
Write 0.055 as
0.055
1

Multiply both the numerator and denominator by 10 for each digit after the decimal point.

0.055
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The factors of 55 are: 1 5 11 55
The factors of 1000 are: 1 2 4 5 8 10 20 25 40 50 100 125 200 250 500 1000
The Greatest Common Factor (GCF) for both 55 and 1000 is: 5
Now to reduce the fraction we divide both the numerator and denominator by the GCF value.

=
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1 x 1000
=
55
1000


In order to reduce the fraction find the Greatest Common Factor (GCF) for 55 and 1000. Keep in mind a factor is just a number that divides into another number without any remainder.

Answer ( 55/1000
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professor190 [17]

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Step-by-step explanation:

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3 years ago
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