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bija089 [108]
3 years ago
6

Suppose you have $23,000 that you are going to invest at a 7% interest rate compounded quarterly. According to the compound inte

rest calculator, how long will it be before you have $78,000? This calculator is provided in the weblinks pod in adobe, in the google slides for this lesson and in the daily folder in buzz. *
0 points
17.6 months
70.4 months
17.6 years
70.4 years
Mathematics
1 answer:
andrew11 [14]3 years ago
5 0
YAAS! I literally learned this just a few weeks ago. (I am not actually a high school senior) First, convert 7% to a decimal, which is 0.07. Then multiply 0.07 by 23,000, giving you 1,610. This is your unit rate. I will though, need you to be more specific on "compounding quarterly" because I actually do not know what that means.
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Please someone help me
ruslelena [56]

Answer:

r = 0.046212737

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A = 14,400 (what your investment originally is)

P = 7,200 (what you want your investment to be)

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t = 15 (15 years)

Plug all of these numbers into the equation, then solve for r

14,400 = 7,200(1 + r/365)^365 · 15

Divide 7,200 on both sides --> 2 = (1 + r/365)^365 · 15

365 · 15 = 5475 --> 2 = (1 + r/365)^5475

5475√(2) = 1 + r/365 (root 5475 both sides to cancel out the exponent)

(5475√(2)) - 1 = r/365 (subtract one from both sides)

((5475√(2)) - 1) · 365 = r (multiply both sides by 365 to isolate r)

Type the left side into the calculator to get r --> 0.046212737.

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24 cups of cherries and 40 cups of watermelon.

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