1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
geniusboy [140]
3 years ago
13

Matt invests $1,669 in a saving account with a fixed annual interest rate of 2% compounded 12 times per year. How long will it t

ake for the account balance to reach 1,844.38?
Mathematics
1 answer:
vesna_86 [32]3 years ago
6 0

Answer:

It will take 4.84 years

Step-by-step explanation:

The initial amount that Matt invested was $1669. It means that principal is

P = 1669

It was compounded 12 times per year. So

n = 12

The rate at which the principal was compounded is 2%. So

r = 2/100 = 0.02

The formula for compound interest is

A = P(1+r/n)^nt

A = total amount in the account at the end of t years.

A = 1,844.38

Therefore

1,844.38 = 1669(1+0.02/12)^(12×t)

1,844.38/1669 = (1.0017)^(12t)

1.1051 = (1.0017)^(12t)

Taking log to base 10 of both sides, it becomes

Log 1.1051 = log 1.0017^(12t)

Log 1.1051 = 12tlog 1.0017

0.043 = 0.00074 × 12t

0.043 = 0.00888t

t = 0.043/0.00888

t = 4.84 years

You might be interested in
What is the ratio 42 inches to 9 feet as a fraction in simplest form?
murzikaleks [220]
6 goes into both 42 and 108 (9x12 so you are working with equal measurements) and you get 7/18
6 0
3 years ago
Define the variable plz ASAP!!!!
Ksivusya [100]
There are 20 questions on the quiz.
4 0
3 years ago
Someone pls help me with this im new thats why tysm if you do help!!:)
Kipish [7]

Answer:

-8 hope this helps

Step-by-step explanation:

7 0
3 years ago
Z=y+mx. Solve for x. I need the answer fast
Simora [160]
If you want x, rearrange <span>Z=y+mx as follows:  mx = z - y.  Then div. all 3 terms by m:
        z-y
x = -------    (answer).
          m </span>
8 0
3 years ago
two models are shown. Each model has been shaded grey to represent a fraction. wgucj statement is true about the fractions 3/4 a
jeka57 [31]

Answer:

The third, they are equivalent because the size of the shaded area is the same.

8 0
3 years ago
Other questions:
  • Thirty million;two hundred twenty thousand, six hundred seventeen
    15·2 answers
  • What are the factors of -90?
    12·2 answers
  • {RO5-1} Simplify:<br> 2. 73
    6·1 answer
  • What is 75/100 simplified
    13·2 answers
  • Ronda's car is valued at $24,000, and she owes $22,000 on it. What is her
    13·2 answers
  • What is the place value of 7 in these numbers?
    7·1 answer
  • Maria fills up her car at the gas station for $38.24 and purchases a drink for $1.99. If she pays with a $50 bill, how much chan
    13·1 answer
  • What is the mean of the following list of numbers?
    14·1 answer
  • Doctors recommend that teenagers sleep between 9 and 912 hours each night. Melody and Wilmer construct a box plot to display sle
    7·1 answer
  • Can you please help me with this?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!