Answer: it will take 7 years for the value of the account to reach $49,300
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1 + r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $41000
A = $49300
r = 2.6% = 2.6/100 = 0.026
n = 12 because it was compounded 12 times in a year.
Therefore,
49300 = 41000(1 + 0.026/12)^12 × t
49300/41000 = (1 + 0.0022)^12t
1.2024 = (1.0022)^12t
Taking log of both sides of the equation, it becomes
Log 1.2024 = 12t × log 1.0022
0.08 = 12 × 0.00095 = 0.0114t
t = 0.08/0.0114
t = 7 years
Answer:
81.64
Answer: m1 = 0.5
M2= 0.375
M3 = 2.25
M4 = 3.0
M5 = 13.5
M6 = 0.285
M7 = 7.0
(20,40)-(15,30)=(5,10), m1=5/10=0.5
(18,48)-(12,32)=(6,16), m2=3/8=0.375
(72,32)-(27,12)=(45,20), m3=9/4=2.25
(60,20)-(45,15)=(15,5), m4=3.0
(243,18)-(27,2)=(216,16), m5=27/2=13.5
(24,84)-(18,63)=(6,21), m6=2/7=0.285...
(84,12)-(63,9)=(21,3), m7=7.0
Answer: See attached image.