The future value (A) of a one-time investment of principal amount P at interest rate r compounded n times per year for t years is ...
... A = P(1 +r/n)^(nt)
Putting your given numbers into the formula, we have
... 876.34 = 300(1 +.06/4)^(4t)
Taking logarithms, this becomes the linear equation
... log(876.34) = log(300) + 4t·log(1.015)
Solving for t in the usual way, we get
... log(876.34) -log(300) = 4t·log(1.015) . . . . . . . subtract the constant term on the right
... (log(876.34) -log(300))/(4·log(1.015)) = t ≈ 18.00 . . . . divide by the coefficient of t
It will take <em>18 years</em> for the $300 CD to reach a value of $876.34.
Answer:
Step-by-step explanation:
24 thirds (24/3) or 8 (simplified)
The maximum is 4 days
200:42= 4,76
Answer:
Yes
Step-by-step explanation:
So, first, in 5 years, the home will have appreciated by 15%. (5 years times 3%). Once you find 15% of 98760, which is 658400, you have to add it on to the original price of the house. At this point, the house costs 757160 dollars. You then subtract the original price of the house from the price of the house 5 years from now. (757160-98760) and you get 658400. As you can tell, 658400>15000. Therefore, the answer is yes.
