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solniwko [45]
3 years ago
9

Elijah invested $610 in an account paying an interest rate of 4.1% compounded annually. Assuming no deposits or withdrawals are

made, how long would it take, to the nearest year, for the value of the account to reach $900?
Mathematics
2 answers:
chubhunter [2.5K]3 years ago
7 0
It would take Elijah 36 years for the value of his account to reach 900 dollars
So the answer is 36 years
Sever21 [200]3 years ago
5 0

Answer:

9.757

Step-by-step explanation:

To solve us the compound interest formula: A=P(1+\frac{r}{n} )^n^t

Where A=amount earned; P=principle or starting amount; r=rate(remember to convert to decimal; t=time

Plug your numbers in:

900=610(1+\frac{.041}{1} )^1^t\\

Divide by 610

1.475409836=(1.041)^t

Convert to logarithms

㏒(1.475409836)=㏒1.041

Divide

㏒(1.4754-98236)/㏒1.041=x

9.757

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The admission at the movies is $5 for children and $10 for adults. The total amount collected was
sesenic [268]

Answer:

Number of children, x= 400

Number of adults, y = 100

Step-by-step explanation:

Let the number of children be x

Let the number of  adults be y

Given : Total number of people,  x + y = 500  --------(1)

           Total amount collected, 5x + 10y = 3000  ---------(2)

(1) => y = 500 - x

Substitute y in (2) : 5x + 10(500 - x) = 3000

                             5x + 5000 - 10x = 3000

                                -5x = 3000 - 5000

                                 -5x = -2000

                                    x = 400

Substitute x in (1) : 400 + y = 500

                                      y = 500 - 400

                                      y = 100

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