The time it will take the principal to grow to the desired amount is 0.7 years
Using the compound interest formula :
A = P(1 + r/n)^(nt)
A = final amount = 225,000
P = principal = 180,000
r = rate = 3.12%
n = Number of compounding times per period = 12(monthly)
t = time
225000 = 180000(1 + (0.0312 /12))^(12t)
Divide both sides by 180000
225000/180000 = (1 + (0.0312 /12))^(12t)
1.25 = 1.026^12t
Take the log of both sides
0.0969100 = 0.0111473 × 12t
0.0969100 = 0.1337676t
Divide both sides by 0.1337676 to isolate t
0.0969100 / 0.1337676 = t
0.7244 years
0.7 years
It will take 0.7 years for the amount to grow
Learn more : brainly.com/question/21270833?referrer=searchResults
Let's multiply out the equation 6x+2 times 6x+2 using the square. Draw a 2 by 2 bow and put the equation across the bottom and verically. Multiply across to get this. 6x times 6x =36x^2 6x times two =12x do it again and get 12x. 2*2=4. That means x would equal 24.
Answer:
-0.51
Step-by-step explanation:
Answer:
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2
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7
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1
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Step-by-step explanation:
