The time required to get a total amount of $13,200.00 with compounded interest on a principal of $7,000.00 at an interest rate of 5.5% per year and compounded 12 times per year is 11.559 years. (about 11 years 7 months)
Answer:
t = 11.559 years
<h3>Compound Interest </h3>
Given Data
(about 11 years 7 months)
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 5.5/100
r = 0.055 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(13,200.00/7,000.00) / ( 12 × [ln(1 + 0.055/12)] )
t = ln(13,200.00/7,000.00) / ( 12 × [ln(1 + 0.0045833333333333)] )
t = 11.559 years
Learn more about compound interest here:
brainly.com/question/24924853
Answer:
2500 doctors
Step-by-step explanation:
4000/8= 500
500x5=2500
(10 1/2) / (1 3/4) =
10.50 / 1.75 =
6 <== he can make 6 banners
Answer:
He invested $1200 and had a balance of $1260 after 3 years.
Answer:
5398
Step-by-step explanation:
7715-2212+10-(5x23)
7715-2212+10-115
5503+10-115
5513-115
5398
