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klasskru [66]
2 years ago
12

Gareth has $2,000 to invest. Putting the money in a savings account at his local bank will earn him 2.2% annual interest and giv

es him the ability to make ATM withdrawals from that bank’s ATMs. Putting the money in an online savings account will earn him 4.85% annual interest, but he will be charged $3 every time he makes an ATM withdrawal. Assuming that Gareth’s ATM withdrawals do not affect the amount of interest he earns, roughly how many ATM withdrawals must Gareth make every year for the local savings account to be a better deal than the online savings account?
Mathematics
2 answers:
Nonamiya [84]2 years ago
4 0

Answer:

its 14

Step-by-step explanation:

i took the test. I got you

atroni [7]2 years ago
3 0
<span>What a strange question. How could withdrawals fail to change the interest earned?!
 Anyway...
 How much does $2000 earn in a year at 2.2%? How much does $2000 earn in a year at 4.85%? What the difference in interest credits? How many $3 ATM transactions does it take to eat that up?</span>
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3 years ago
5/8 divided 2 1/2 simply
Ksenya-84 [330]

Answer:

1/4

Step-by-step explanation:

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5 0
2 years ago
2. Harry just deposited $1500 into a savings account giving 6% interest compounded quarterly.a) How much will be in the account
Studentka2010 [4]

The formula for compound interest is:

\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ \text{where,} \\ A=\text{ Final amount} \\ r=\text{ Interest rate} \\ n=\text{ Number of times interest applied per period} \\ t=\text{ Number of time period elapsed} \\ P=\text{ Intial principal balance} \end{gathered}

Given data:

\begin{gathered} P=\text{ \$1500} \\ r=6\text{ \%}=0.06 \\ n=4\text{ times (compounded quarterly)} \end{gathered}

a. After ten years, that is t = 10 years, the amount in the account will be

\begin{gathered} A=1500(1+\frac{0.06}{4})^{4\times10} \\ A=\text{ }1500(1+0.015)^{40} \\ A=\text{ }1500(1.015)^{40} \\ A=\text{ \$2721.03} \end{gathered}

b. After twenty years, that is t = 20 years, the amount in the account will be:

\begin{gathered} A=1500(1+\frac{0.06}{4})^{4\times20} \\ A=1500(1.015)^{4\times20} \\ A=1500(1.015)^{80} \\ A=\text{ \$}4935.99 \end{gathered}

c. The time it takes for Harry's initial account value to double will be:

\begin{gathered} A=2\text{ x initial value = 2 }\times\text{ \$1500 = \$3000} \\ 3000=1500(1.015)^{4t} \\ (1.015)^{4t}=\frac{3000}{1500} \\ (1.015)^{4t}=2 \\ \text{ Find the logarithm of both sides} \\ \ln (1.015)^{4t}=\ln 2 \\ 4t=\frac{\ln 2}{\ln 1.015} \\ 4t=46.56 \\ t=\frac{46.56}{4}=11.64 \end{gathered}

Therefore, the time it takes Harry's initial account to double is approximately 11 years

8 0
1 year ago
Formula for the flow of current in an electrical<br> circuit, V= IH, for I
HACTEHA [7]

Answer:V/H=I

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3 0
2 years ago
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5 0
3 years ago
Read 2 more answers
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