You decide to put $2,000 in a savings account to save for a $3,000 downpayment on a new car. If the account has an interest rate
of 4% per year and is compounded monthly, how long does it take until you have $3,000 without depositing any additional funds? 121.862 years 12.1862 years 10.155 years 1.0155 years
1 answer:
Answer:
10.153 years
Step-by-step explanation:
The future value of such an investment is given by ...
FV = P·(1 +r/12)^(12t)
where P is the principal invested, FV is the future value of it, r is the annual interest rate, and t is the number of years.
Dividing by P and taking the log, we have ...
FV/P = (1 +r/12)^(12t)
log(FV/P) = 12t·log(1 +r/12)
Dividing by the coefficient of t gives ...
t = log(FV/P)/log(1 +r/12)/12 = log(3000/2000)/log(1 +.003333...)/12 ≈ 121.842/12
t ≈ 10.153 . . . years
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Answer:
200 students must agree to attend in order for the school to have the festival.
Step-by-step explanation:
200 is 40% of 500. We can also use fractions to figure this out.
For 100 to become 500 it must be multiplied by 5. And whatever we do to the denominator we have to do to the numerator. So we multiply 40 × 5 = <em>x</em>
<em>x</em> = 200