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zzz [600]
3 years ago
13

Danny decided to invest his $500 tax refund rather than spending it. He found a bank that would pay him 4% interest, compounded

quarterly. If he deposits the entire $500 and does not deposit or withdraw any other amount, how long will it take him to double his money in the account? Round your answer to the nearest tenth of a year. It will take Answer years for his investment to double.
Mathematics
1 answer:
Blababa [14]3 years ago
5 0
Present value, PV = $500
Future value, FV = 2*PV = 2*500 = $1,000
Rate, r = 4% = 0.04
Compounding times in a year, n = 4 (compounded quarterly)
Time, t = ??

The future value expression is stated as:
FV = PV (1+r/n)^nt

Substituting;
1000 = 500 (1+0.04/4)^4t
2 = (1.01)^4t
ln 2 = 4t ln 1.01
0.6931 = 4t* 0.00995
0.6931 = 0.0398t
t = 17.414 years

Time required for the amount to double is 17.41 years.
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Answer:

p = -5

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Step-by-step explanation:

I am not sure you put every necessary information here.

but I'd the visible information is truly everything, then it's is trivial.

the difference between 4 and 1 is ... well, -3. meaning we subtract 3 from 4 to get 1.

we suspect this is the rule and keep trying.

1 -3 = -2

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and -8 -3 = -11

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and the difference between -2 and -8 is -6, and when we place another item in between (p), we cut that in half again to -3. so, it is all consistent.

therefore,

p = -2 -3 = -5

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2 years ago
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Brilliant_brown [7]

Answer:

The Answer is D

Step-by-step explanation:

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3 years ago
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mario62 [17]

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3 years ago
Amanda wants to buy a new iPod that costs $250. When she gets to the Apple store
malfutka [58]

Answer:

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15% off 212.5

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15+15=30 so

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enyata [817]

Answer:

see explanation

Step-by-step explanation:

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(ii)

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