How to make 9.37% into decimal
1 answer:
You might be interested in
It takes 10.155 years until you have $3,000 ⇒ 3rd
Step-by-step explanation:
The formula for compound interest, including principal sum is:
, where
- A is the future value of the investment/loan, including interest
- P is the principal investment amount
- r is the annual interest rate (decimal)
- n is the number of times that interest is compounded per unit t
- t is the time the money is invested or borrowed for
∵ You decide to put $2,000 in a savings account
∴ P = 2000
∵ You want to save for $3,000
∴ A = 3000
∵ The account has an interest rate of 4% per year and is
compounded monthly
∴ r = 4% = 4 ÷ 100 = 0.04
∴ n = 12 ⇒ compounded monthly
- Substitute all of these values in the formula above to find t
∵
- Divide both sides by 2000
∴
∴
- Change the mixed number to an improper fraction
∴
- Insert ㏒ for both sides
∴
- Remember
∴
- Divide both sides by
∴ 121.84 = 12 t
- Divide both sides by 12
∴ 10.155 = t
It takes 10.155 years until you have $3,000
Learn more:
You can learn more about the compound interest in brainly.com/question/4361464
#LearnwithBrainly
Answer:
0.26 minutes
Step-by-step explanation:
So if you want to solve this, you need to make all the units the same first. What you first need to work on is the rate, since what it is asking is minutes given distance in feet.
We know that there are:
5280 ft in a mile
60 minutes in an hour
We then convert the rate knowing this:
In short, the car is traveling 3,828 ft every minute.
To determine how many minutes it will take for the car to travel just remember that:
Now we plug in what we know and solve what we don't know: