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user100 [1]
2 years ago
8

* Danny wants to earn $500,000 by the time he retires. He puts a huge bonus of $20,000 in an

Mathematics
1 answer:
zloy xaker [14]2 years ago
5 0

Answer:

See Below

Step-by-step explanation:

The question is asking:

After how many years, 20,000 will become 500,000 at an annual interest of 11.5%?

So, we need compound growth formula shown below to solve this:

F=P(1+r)^t

F is future value

P is present amount

r is rate of interest

t is the time of year

Given,

F = 500,000

P = 20,000

r = 11.5% = 11.5/100 = 0.115

t is what we want to find

F=P(1+r)^t\\500,000=20,000(1+0.115)^t\\25=1.115^t

Now, we take natural log of both sides and solve for t:

Ln(25)=t*Ln(1.115)\\t=\frac{Ln(25)}{Ln(1.115)}\\t=29.57

Its is going to take about 29.57 years, rounding, 30 years

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NEED HELP PLEASE!!!!!!!!!!!!
Lostsunrise [7]

Answer: The exact answer is 3.61 weeks, so <u>the "about" answer is 4 weeks.</u>

Step-by-step explanation:

b = $85 + w (10+8)

b = 85 + w (18)

b = 85 + 18w

b is the total amount need in the bank account, so $150.

$150 = $85 + 18w

$150 - $85 = $85 - $85 + 18w

$65 = 18w

$65 / 18 = 18w / 18

3.611 weeks = w

So, it will take about <u>4 weeks</u> to get $150 in his bank account.

Hope this helps!

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2 years ago
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