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Ksivusya [100]
3 years ago
8

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

Mathematics
1 answer:
DaniilM [7]3 years ago
6 0

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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For example, in the first given example, we see that the numbers 5 and 2 add to the number 7 in the bottom square and multiply to the number 10 in the top square.


Another example is how the numbers 2 and 3 in the left-most and right-most squares add up to the number 5 in the bottom square and multiply to the number 6 in the top square.


Using this information, we can solve the five problems on the bottom of the paper.


a) We are given the numbers 3 and 4 in the left-most and right-most squares. We must figure out what they add to and what they multiply to:

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Using this, we can fill in the top square with the number 12 and the bottom square with the number 7.


b) We are given the numbers -2 and -3 in the left-most and right-most squares, which again means that we must figure out what the numbers add and multiply to.

(-2) + (-3) = -5

(-2) x (-3) = 6

Using this, we can fill the top square in with the number 6 and the bottom square with the number -5.


c) This time, we are given the numbers which we typically find by adding and multiplying. We will have to use trial and error to find the numbers in the left-most and right-most squares.


We know that 12 has the positive factors of (1, 12), (2,6), and (3,4). Using trial and error we can figure out that 3 and 4 are the numbers that go in the left-most and right-most squares.


d) This time, we are given the number we find by multiplying and a number in the right-most square. First, we can find the number in the left-most square, which we will call x. We know that \frac{1}{2}x = 4, so we can find that x, or the number in the left-most square, is 8. Now we can find the bottom square, which is the sum of the two numbers in the left-most and right-most squares. This would be 8 + \frac{1}{2} = \frac{17}{2}. The number in the bottom square is \boxed{\frac{17}{2}}.


e) Similar to problem c, we are given the numbers in the top and bottom squares. We know that the positive factors of 8 are (1, 8) and (2, 4). However, none of these numbers add to -6, which means we must explore the negative factors of 8, which are (-1, -8), and (-2, -4). We can see that -2 and -4 add to -6. The numbers in the left-most and right-most squares are -2 and -4.

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Step-by-step explanation:

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