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irga5000 [103]
3 years ago
7

A person invests 9500 dollars in a bank. The bank pays 5% interest compounded annually. To the nearest tenth of a year, how long

must the person leave the money in the bank until it reaches 13200 dollars?
Mathematics
2 answers:
Elena L [17]3 years ago
8 0

Answer:

6.58 years

Step-by-step explanation:

Step one:

Given data

Principal=$9500

rate= 5%= 0.05

Final amount= $13200

Required:

The time t

Step two

The expression for the compound interest is

A= p(1+r)^t

t = ln(A/P) / r.

substitute

t = ln(13200/9500) /0.05

t= ln(1.39)/0.05

t=0.329/0.05

t=6.58 years

KIM [24]3 years ago
4 0

Answer:

6.7

Step-by-step explanation:

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5x10=50

13x1=13

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A tiling company completes two jobs. The first job has $1200 in labor expenses for 40 hours worked, while the second job has $15
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52 days

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Answer:

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Mr abbot mowed1/4 of his lawn .his son mowed 3/7 of it who mowed most of the lawn how much of the lawn still needs to be mowed
Vinil7 [7]
Mr. Abbot mowed 1/4 of his lawn.
His son mowed 3/7 of the lawn.
The first thing to do is get a common denominator, in this case a good one to use is 28. it has to be a number divisible by 4 and 7.
1/4=7/28
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7 0
3 years ago
The opening balance of the January billing cycle for Megan's credit card was $4,805 if she makes a new purchase of 300 on the 20
Nookie1986 [14]

Answer:

$4911.45

Step-by-step explanation:

To find Megan's average daily balance, we first need to assume that the billing cycle begins at January 1st.

Now we know that there are 31 days in the month of January, we will use that as our basis.

20 days x 4805 = First 20 days of the billing cycle.

11 days 4805 + 300 = 21st day of the billing cycle.

31 days in the month

So now we simply add the first 20 days and the days after the 21st day and divide it by the number of days in the month since we're looking for the average.

(20 x 4805 + 11(4805+300))/31

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$4911.45

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3 years ago
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