1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nat2105 [25]
3 years ago
14

$1334 is deposited into a savings account at 8% interest, compounded quarterly. To the nearest year, how long will it take for t

he account balance to reach $1,000,000?
Mathematics
1 answer:
Varvara68 [4.7K]3 years ago
5 0

Answer:

  84 years

Step-by-step explanation:

The future value of an investment is given by ...

  FV = P(1 +r/n)^(nt)

where P is the principal amount, r is the annual rate, and n is the number of times per year interest is compounded. Filling in the given values and solving for t, we get ...

  1000000 = 1334(1 +.08/4)^(4t)

  749.6252 ≈ 1.02^(4t) . . . . divide by 1334 and simplify

  log(749.6252) ≈ 4t·log(1.02) . . . . take logarithms

  t ≈ log(749.6252)/(4·log(1.02)) ≈ 83.57

It will take about 84 years for the account balance to reach $1,000,000.

You might be interested in
The length of a rectangle is 5 less than twice the width. If the perimeter of the rectangle is 146 cm, find the dimensions of th
Marta_Voda [28]

Length = 2x - 5

Width = x

Perimeter = 146

P = 2L + 2W

146 = 2(2x - 5) + 2x

146 = 4x - 10 + 2x

146 = 6x - 10

146 + 10 = 6x

156 = 6x

156/6 = x

26 = x

Length = 2(26) - 5

Length = 52 - 5

Length = 47 cm

Width = x

Width = 26 cm

Did you follow?

4 0
3 years ago
What is the shortest driving distance from the animal shelter to the stadium?
Inessa [10]

Answer:

7 miles

Step-by-step explanation:

Four miles plus 3 miles = 7 miles


6 0
3 years ago
Marvin was buying soil for his flower garden. What would be the most reasonable amount of soil he would need to buy for a flower
muminat

Answer:

60 liters

Step-by-step explanation:

5 0
3 years ago
Read 2 more answers
8. The volume of a cylinder is 942 cubic feet.
ikadub [295]
The radius would be 5 ft
7 0
3 years ago
Read 2 more answers
The second largest prime factor of 38 is
Kobotan [32]
I'll post one, because I disagree with everybody so far.

All the factors of 38 are 1, 2, 19, and 38.

The primes are 2 and 19.

The second largest prime factor is 2 .
6 0
3 years ago
Read 2 more answers
Other questions:
  • A right triangle has one angle that measure 23o. The adjacent leg measures 27.6 cm and the hypotenuse measures 30 cm. What is th
    14·2 answers
  • Determine the minimum value of f(x, y, z) = 2x 2 + y 2 + 2z 2 + 5 subject to the constraint 3x + 2y + 3z = 4. +
    12·1 answer
  • (-1,-2) (2,7) in slope intercept form
    5·1 answer
  • Solve for x: −2x + 5 &lt; 7<br> a. x &gt; −1<br> b. x &lt; −1<br> c. x &gt; −6<br> d. x &lt; −6
    11·1 answer
  • A pot full of water weighs 2 kg (the total combined weight of the pot and the water). If we spill out 20% of the water, the weig
    11·1 answer
  • How much money do you have if you have 3 one-dollar bills, 2 half dollars, 5 quarters, 6 dimes, 2 nickels, and one penny.
    11·1 answer
  • Need help ASAP!!! A physicist discovers an element whose atom has a mass of 0.00000000000000112 grams. He makes an entry in his
    6·2 answers
  • Si un proyectil asciende verticalmente, y después de 3 segundos alcanza su altura máxima, calcule la velocidad que lleva a la mi
    9·1 answer
  • Solve for w in the proportion 32/40 = 28/w W= ?
    13·2 answers
  • the temperature fell 16 degrees fahrenheit from 50 to 34 degrees in 10 hours. How much would the temperature fall over 15 hours
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!