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
morpeh [17]
2 years ago
9

If you invest $100,000 in an account earning 8% interest compounded annually, how long will it take until the account holds $300

,000?
(Round to the nearest 0.1 of a year.) 



( answergoes here ) ______________________




Compound interest formulas:  

A=P(1+rn)ntA=P(1+r/n)^nt and A=Pe^rt

​
Mathematics
1 answer:
Monica [59]2 years ago
7 0

We have been given that you invest $100,000 in an account earning 8% interest compounded annually. We are asked to find the time it will take the amount to reach $300,000.

We will use compound interest formula to solve our given problem.

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

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

t = Time in years.  

8\%=\frac{8}{100}=0.08

300,000=100,000(1+\frac{0.08}{1})^{1\cdot t}

300,000=100,000(1.08)^{t}

\frac{300,000}{100,000}=\frac{100,000(1.08)^{t}}{100,000}

3=(1.08)^{t}

(1.08)^{t}=3

Let us take natural log on both sides of equation.

\text{ln}((1.08)^{t})=\text{ln}(3)

Using natural log property \text{ln}(a^b)=b\cdot \text{ln}(a), we will get:

t\cdot \text{ln}(1.08)=\text{ln}(3)

\frac{t\cdot \text{ln}(1.08)}{\text{ln}(1.08)}=\frac{\text{ln}(3)}{\text{ln}(1.08)}

t=\frac{1.0986122886681097}{0.0769610411361283}

t=14.274914586

Upon rounding to nearest tenth of year, we will get:

t\approx 14.3

Therefore, it will take approximately 14.3 years until the account holds $300,000.

You might be interested in
B
Keith_Richards [23]
AD that is the answer
6 0
2 years ago
Five more than seven time a number is ninerty-six.what is the number?
zaharov [31]

Answer:

5x + 6 ≥ 21

Step-by-step explanation:

8 0
2 years ago
Read 2 more answers
Please help me out!!!!!
Gnoma [55]
The last answer: 2 or 0

Explanation:

When you graph this function, it crosses the x-axis once. In other words, that means there is only 1 real zero and 2 imaginary complex zeros. In addition, imaginary solutions always come in pairs, so there can’t be a odd number of them such as 3.
8 0
3 years ago
I neeeeed help thankyou
Helen [10]

Answer:

what one

Step-by-step explanation:

if it is the left one it is -7(2x)+-7(7)+10x=-4x

7 0
3 years ago
HELP I NEED THIS REALLY FAST WILL GIVE BRANILIEST!!!
n200080 [17]
the answer is A because it shows.
6 0
2 years ago
Read 2 more answers
Other questions:
  • What is 37.69911184 rounded to 1 decimal point?
    10·1 answer
  • What is the height of this triangular prism?
    5·1 answer
  • A student solved this problem and said the answer was 5 miles.
    9·2 answers
  • Drop a quick picture to show the number 24?then draw a quick picture to show 24 after you have regrouped 1 ten as 10 ones explai
    14·1 answer
  • Rashad has 25 stamps. he shared them equally among himself and four friends. then rashad found two more in pocket. what is the e
    12·2 answers
  • PLZ HELP! ASAP!!! I WILL GIVE BRAINLIEST
    9·1 answer
  • Mike is making a mixture for an upcoming camp trip. He makes the mixture by combining 1/3 of a cup of cashews and 1/4 cups of al
    9·1 answer
  • Which expression is equivalent to 2(d + 7)? ASAP PLEASE
    13·2 answers
  • Convert 23° 12' to decimal form
    12·1 answer
  • 6/5<br><br> 36/25<br> Find the 10th term.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!