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Arturiano [62]
2 years ago
5

Rich also has £400 pounds invest 3% compound interest . How many years does he need to invest the money to get at least £475

Mathematics
1 answer:
zepelin [54]2 years ago
7 0

Answer: 6 years

Step-by-step explanation:

Formula to calculate compound amount: A=P(1+r)^t, where P= Principal , r=rate of interest, t= time

Given: P = £400, r = 3% = 0.03 , A= 475

Required equation: 400(1+0.03)^t\geq475

400(1.03)^t\geq475\\\\\Rightarrow\ (1.03)^t\geq\dfrac{475}{400}\\\\\Rightarrow\ (1.03)^t\geq1.1875

Taking log on both sides , we get

t \log 1.03\geq\log1.1875\\\\\Rightarrow\ t(0.0128372)\geq(0.0746336)\\\\\Rightarrow\ t\geq\dfrac{0.0746336}{0.0128372}=5.81385\approx6

Hence, he needs to invest the money for 6 years to get atleast £475.

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Answer:

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Step-by-step explanation:

Here is the complete question

A car and a motorcycle leave at noon from the same location, heading in the same direction. The average speed of the car is 30 mph slower than twice the speed of the motorcycle. In two hours, the car is 20 miles ahead of the motorcycle. Find the speed of both the car and the motorcycle, in miles per hour.

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This question would be solved using simultaneous equation

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