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
Mrac [35]
3 years ago
7

A person invest $1200 in an account that earns 2% interest compound quarterly. Find when the value of the investment reaches $15

00.00
Formula

A=P(1+r/m)mt
Mathematics
1 answer:
Basile [38]3 years ago
8 0

Answer:

After 11 years the value of the investment reaches $1500.00

.

Step-by-step explanation:

The formula used for finding time (when the value reaches certain amount) is:

A= P(1+\frac{r}{n})^{nt}

where A= Future VAlue

P= Principal Value

r= rate of interest (in decimal)

n= no of times investment is compounded

t= time

Putting the values given and finding Time t,

A= $1500

P= $1200

r= 2% or 0.02

n= 4 (compound quarterly)

A= P(1+\frac{r}{n})^{nt}

1500= 1200(1+\frac{0.02}{4})^{4t}

Dividing both sides by 1200 and solving 0.02/4 = 0.005

1.25= (1+0.005)^{4t}

1.25= (1.005)^{4t}

Since t is in power we take the logarithm ln on both sides.

The rule of logarithm says that the exponent can be multiplied with the base when taking log

\ln1.25=ln( 1.005)^{4t}\\\ln1.25=4t * ln( 1.005)\\0.22 = 4t * 0.005\\Solving\,\,\\\frac{0.22}{4*0.005} = t\\=> t= 11\, years

You might be interested in
Leela made goody bags for her party and put 5 pieces of candy in each bag. She bought gummies and chocolates yo put in het goody
slavikrds [6]

Answer:

4 ways

Step-by-step explanation:

1 gummy 4 chocolates

2 gummy 3 chocolates

3 gummy 2 chocolates

4 gummy 1 chocolates

This is what i think the answer is hope it helps

5 0
3 years ago
Look at the pictures below<br> Select one:<br> A<br> C<br> D<br> B
soldier1979 [14.2K]
C. I pick C, yes ido.
6 0
3 years ago
Read 2 more answers
Read the excerpt from act 1 of The Monsters Are Due on Maple Street.
Vika [28.1K]

Answer:

it is D. the murmurs of a group

Step-by-step explanation:

5 0
3 years ago
Read 2 more answers
1/3 of Murka’s age is twice as much as Ivan’s age. What is the ratio of Murka’s age to Ivan’s age?
Korvikt [17]

Answer:

6:1

Step-by-step explanation:

4 0
3 years ago
You have a 12 inch by 14 inch picture that you frame. When you hung the picture, you found that the entire area is 261.44 in. Wh
Anna007 [38]

Answer: 3.2 inches

Step-by-step explanation:

5 0
3 years ago
Other questions:
  • What is the closed linear form for this sequence given a1 = 0.3 and an 1 = an 0.75?
    15·1 answer
  • Justin deposited $54.25 into his bank account after making a $30.00 withdrawl to pay for some school supplies. Represent these s
    7·1 answer
  • Simplify...... <br> (U^2)^3
    11·1 answer
  • If 1/64=4^2s-1 times 16^2s+2 what is the value of s?
    6·2 answers
  • Chad casts a shadow that is 14.3 feet long. The straight-line distance from the top of Chad’s head to the end of the shadow crea
    14·1 answer
  • Find 10.5 in. + 7.35 in.
    11·2 answers
  • Somebody said they are all false. is that true?​
    5·1 answer
  • What is the annual interest rate for an account that compounds monthly at a rate of 2.5%?
    14·1 answer
  • What is the length of Vz?<br> 2 units<br> 6 units<br> 8 units<br> 10 units
    15·1 answer
  • Can someone help please
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!