Carlos deposited $7,924 into a savings account 30 years ago. The account has an interest rate of 4.6% and the balance is currently $30,541.83. How often does the interest compound?

Compound Interest Formula

: A = P(1 + r/n)^nt

A = Amount after time t

P = Principal (Initial Amount Invested)

r = Interest rate

n = Number of times the interest is compounded

t = time in years

A = $30,541.83

r = 4.6% = 0.046

t = 30

P = $7,924

Hence,

$30,541.83 = $7924(1 + 0.046/n)^30n

Divide both sides by 7924

$30,541.93/$7924 = (1 + 0.046/n)^30n

$30,541.93/$7924 = (n + 0.046/n)^30n

3.8543576477 = (n + 0.046/n)^30n

We take the logarithm of both sides

log 3.8543576477 = log (n + 0.046/n)^30n

Solving for n,

n = 1

Therefore, from the calculation above, since n = 1, this means the interest compounds ANNUALLY.

6 0

2 years ago

On a sunny day, a flag pole and its shadow form the sides of a right triangle. if the hypotenuse is 35 meters long and the shado

Triss [41]

We can use Pythagorean's Theorem in order to find the remaining side length
a^2+b^2=c^2
Let a be the shadow length
Let b be the height of the flagpole
Let c be the hypotenuse
28^2+b^2=35^2
784+b^2=1225
b^2=1225-784
b^2=441
b=√441
b=21
Therefore the flagpole is 21 meters tall.
Hope this helps!

3 0

3 years ago

Convert 2000 Swiss francs to Dutch guilders

Shtirlitz [24]

Answer:

2000 swiss francs equals 3920 Dutch Guilders!

Step-by-step explanation:

One Swiss Franc equals 1.96 Dutch Guilders. Having said this, we can come up with the following equation:

D = 1.96S

Where 'S' represents the swiss francs and 'D' the Dutch Guilders. Now, to convert 2000 Swiss francs, we just need to plug the value into the equation:

D = 1.96(2000) = 3920

So, 2000 swiss francs equals 3920 Dutch Guilders!

4 0

3 years ago