Mary Ellen invests $4000 in an account that earns 1.8% annual interest compounded monthly.

Mathematics

1 answer:

Vaselesa [24]3 years ago

3 0

Answer:

22.5 years to the nearest tenth.

Step-by-step explanation:

The equation is

6000 = 4000(1 + 0.018/12)^12t where t = the number of years

(1 + 0.018/12)^12t = 1.5

1.0015^12t = 1.5

Taking logs:

12t log 1.0015 = log 1.5

12t = log 1.5 / log 1.0015

12t = 270.51

t = 22.54 years.

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Nostrana [21]

<h3><u>Answer:</u></h3>

You will pay $42 yearly.

<h3><u>Step-by-step explanation:</u></h3>

1 Year = 12 months
=> 1 month = $3.50
=> 12 months = $3.50 x 12
=> 12 months = $42

<h3><u>Conclusion:</u></h3>

Therefore, you will pay $42 after a year.

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3 years ago

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