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Anna11 [10]
2 years ago
15

The Rodriquez family is determined to purchase a $250,000 home without incurring any debt. The family plans to save $2,500 a qua

rter for this purpose and expects to earn 6.65 percent, compounded quarterly. How long will it be until the family can purchase a home
Business
1 answer:
dexar [7]2 years ago
3 0

Answer:

70years

Explanation:

The future value formula for compound interest, after n interest period is

F=P(1+i)^n

where i is the interest rate per period in decimal form and P is the principal or present value.

The Rodriquez family is determined to purchase a $250,000 home so

F=$ 250,000

The family plans to save $2,500 a quarter for this purpose and expects to earn 6.65 percent.

This implies that:

i =  \frac{0.0665}{4}  = 0.0016625

For t years, the number of compounding periods will be;

n = 4t

We fixed the values into the formula and solve for t.

250000=2500(1+0.0066125)^ {4t}

\frac{250000}{2500} =(1.0066125)^ {4t}

100=(1.0066125)^ {4t}

100=(1.0682)^ {t}

t =  log_{1.0682}(100)

t = 69.8

It will take approximately 70years

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5 0
3 years ago
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Answer:

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Answer:

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