P = $1,100
r = 7.25% = 0.0725
A= P(1+r)^t
⇒ 6600 = 1100(1+0.0725)^t
⇒ 6600/1100 = 1.0725^t
⇒ 1.0725^t = 6
Use log to solve it
log(1.0725^t) = log 6
⇒ t * log 1.0725 = log 6
⇒ t * 0.0303973 = 0.7781512
⇒ t = 0.7781512/0.0303973
⇒ t = 25.599 ≈ 25.60 years
Answer:
Step-by-step explanation:
Points
To solve this problem, we know from the statement that Initially, the club has $ 152050 in its bank account.
To know the amount of money you want to reserve for the trip, multiply the initial amount by 0.28.
So, we have:
$ 1,520.50 * 0.28 = $ 425.74
Finally, the club will reserve $ 425.74 from its bank account to travel.
Distance = speed x time
Speed= 520÷10=52
52mi/hour
Answer:
Ed Moura invest $64000 in certificates of deposit paying 3%
Step-by-step explanation:
Ed Moura has $32000 invested in stocks paying 6%.
Additional money in certificates of deposit paying 3% =x
so that the average return on the two investments is 4%.
32000*6% +3%*x = 4%(32000+x)
32000*0.06 +0.03*x = 0.04(32000+ x)
1920 + 0.03x = 1280 +0 .04x
1920 - 1280 = 0.04x - 0.03x
0.01x = 640
x = 64000
x = $64000
x= $64000 in certificates of deposit paying 3%
Thank you.
