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Yanka [14]
3 years ago
7

suppose that you put $2,500 into retirement account that grows with an interest rate of 5.25 % compounded once each year after h

ow many years will the balance of the account be at least $15,000?
Mathematics
1 answer:
Jlenok [28]3 years ago
8 0
You will need to use this formula:
<span>Years = {log(total) -log(Principal)} ÷ log(1 + rate)
Years = [log(15,000) - log(2,500)] / log (1.0525)
</span>
<span> <span> <span> 4.1760912591 </span> </span> </span> - <span> <span> <span> 3.3979400087 </span> </span> </span> / <span> <span> <span> 0.0222221045 </span> </span> </span> =
<span> <span> <span> 0.7781512504 </span> </span> </span> / <span> <span> <span> 0.0222221045 =
</span></span></span>
<span> <span> <span> 35.0169917705 </span> </span> </span> years
About 35 years

You'll find the formula here: http://www.1728.org/compint2.htm
And a compound interest calculator here: http://www.1728.org/compint.htm
(You'll find both are helpful for this problem).

You might be interested in
The perimeter of a rectangle is 30.8 km and it’s diagonal length is 11 km. Find it’s length and width
blsea [12.9K]

Answer:

Length of the rectangle is 15.0325 km and width is 0.3765 km.

Explanation:

Given:

Perimeter of a rectangle = 30.8 km

Length of diagonal of rectangle = 11 km

To find:

The length and width of rectangle=?

Solution:

Lets assume length of the rectangle = x km

And assume width of the rectangle = y km

Lets first create equation using given  perimeter

perimeter of rectangle = 2 ( length +  width )

=> 30.8 km = 2 ( x + y )  

=>x + y = \frac{30.8}{2}

=> y = 15.4 – x             ------(1)

As diagonal and two sides of rectangle forms right angle triangle whose hypoteneus is diagonal ,  

=> length^2 + width^2 = diagonal^2

=> x^2 + y^2 = 11^2

=> x^2 + y^2 = 121

On substituting value of y from (1) in above equation we get

=> x^2 + (15.4-x)^2 = 121

=>x^2 + (15.4)^2 + x^2 – 2 x 15.4 \times x   = 121

=> 2x^2-30.8x + 237.16 -121  = 0

=> 2x^2-30.8x + 116.16 = 0

Solving above quadratic equation using quadratic formula

General form of quadratic equation is  

ax^2 +bx +c = 0

And quadratic formula for getting roots of quadratic equation is  

x= \frac{ -b\pm\sqrt{(b^2-4ac)}}{2a}

As equation is 2x^2-30.8x + 116.16 = 0, in our case

a = 2 ,  b = -30.8 and c = 116.16

Calculating roots of the equation we get

x=\frac{ -(-30.8)\pm\sqrt{(-30.8)^2-4(2)( 11)} } {(2\times2)}

x=\frac{30.8\pm\sqrt{(948.64-88)}}{4}

x=\frac{30.8\pm\sqrt{860.64}}{4}

x=\frac{30.8\pm\sqrt{860.64}}{4}

x=\frac{(30.8\pm29.33)}4

x=\frac{(30.8+29.33)}{4}

x=\frac{(30.8-29.33)}{4}

=> x = 15.0325 or x = 0.3675

As generally length is longer one ,  

So x = 1.0325

From equation (1) y = 15.4 – x = 0.3765

Hence length of the rectangle is 15.0325 km and width is 0.3765 km.

6 0
3 years ago
How many solutions exist for the given equation? 3x 13 = 3(x 6) 1 zero one two infinitely many
romanna [79]

An equation is formed of two equal expressions. There is no solution set of the equation 3x+13 = 3(x+6)+1.

<h3>What is an equation?</h3>

An equation is formed when two equal expressions are equated together with the help of an equal sign '='.

The equation can be solved in the following manner,

3x+13 = 3(x+6)+1\\3x+13=3x+18+1\\3x+13=3x+19

Since both the sides of the equation are the same in terms of variable and the constant terms are not the same. Therefore, there is no solution set of the equation 3x+13 = 3(x+6)+1.

Learn more about Equation:

brainly.com/question/2263981

8 0
2 years ago
Consider the following time series data. Week 1 2 3 4 5 6 Value 18 12 15 10 18 14 Using the naive method (most recent value) as
fenix001 [56]

Answer:

(a) MAE = 5.20

(b) MSE = 10

(c) MAPE = 38.60%

(d) Forecast for week 7 = 14

Step-by-step explanation:

Note: See the attached excel for the calculations of the Error, Error^2, and Error %.

(a) mean absolute error

MAE = Total of absolute value of error / Number of observations considered = |Error| / 5 = 26 / 5 = 5.20

(b) mean squared error

MSE = Total of Error^2 / Number of observations considered = Error^2 / 5 = 150 / 5 = 10

(c) mean absolute percentage error (Round your answer to two decimal places.)

MAPE = Total of Error % / Number of observations considered = Error % / 5 = 193.02 / 5 = 38.60%

(d) What is the forecast for week 7?

Since the forecast is based on the naive method (most recent value), the forecast for week 7 is value for week 6. Therefore, we have:

Forecast for week 7 = 14

Download xlsx
6 0
3 years ago
Please show your work. The data modeled by the box plots represents the battery life of two different brand of batteries that Ji
Diano4ka-milaya [45]
(a) Brand X median  = 13
      Brand Y median = 16

Median is the center dot in the shaded box (in blue color). Look at the Time (h) axis for their values. For Brand X it is 13 whereas for the Brand Y it is 16

(b) If we compare their median values we can see that the difference is 3 hours (16-13 = 3). It means that the Brand Y battery will last longer compared to Brand X battery as Brand Y lasts for 16 hours whereas Brand X battery lasts for 13 hours. 
7 0
3 years ago
Pls find the area to the second power.
Tom [10]
First of all gall, the end is NOT an exponent, its the unit of measurement for finding the area (thats square units)

Heres the answer:
31.5 square units.
Explanation:
The formula for the area of a triangle is bh/2
The formula for the area of a triangle is bh
(Use this formula and try to find the real explanation)
3 0
3 years ago
Read 2 more answers
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