so it takes 2.6 of hours which is the same as 2 hours and 36 minutes for them to reach eachother.
You deposit $18,000 into a savings account at a bank that has a rate of 66% compounded monthly. Find the amount of money in th
1 answer:
Equation you are going to use is 
where A is the amount earned, P is the initial/principal amount, R is the rate, N is the number of periods the amount is compounded, and t is the time in years.
P = 18000, R = 66% or .66, N = monthly so 12, T = 44 years.
So plugging it we get
.
Type that into your calculator or an excel sheet for your answer. My calculator (a TI-36X Pro) gives me 3.40856195
16 which isn't a very practical answer for money calculations.
P = 18000, R = 66% or .66, N = monthly so 12, T = 44 years.
So plugging it we get
Type that into your calculator or an excel sheet for your answer. My calculator (a TI-36X Pro) gives me 3.40856195
You might be interested in
Initial salary = $50,000 .
Rate of raise = 5% each year.
Therefore, each next year salary would be 105% that is 1.05 times.
5% of 50,000 = 0.05 × 50000 = 2500.
Therefore raise is $2500 each year.
According to geometric sequence first term 50000 and common ratio 1.05.
Applying geometric sequence formula
1)
2) In order to find salary in 5 years we need to plug n=5, we get
= 50000(1.21550625)
<h3>=$60775.3125.</h3>3) In order to find the total salary in 10 years we need to apply sum of 10 terms formula of a geometric sequence.
Plugging n=10, a = 50000 and r= 1.05.
= 628894.62678.
<h3>Therefore , you will have earned $ 628894.62678 in total salary by the end of your 10th year.</h3>