Answer: number of years that it will take for the balance to reach $120,000 is 42 years
Step-by-step explanation:
Initial amount deposited into the account is $4000. This means that the principal is $4000
P = 4000
It was compounded annually. This means that it was compounded once in a year. So
n = 1
The rate at which the principal was compounded is 8.4%. So
r = 8.4/100 = 0.084
Let the number of years that it will take for the balance to reach $120,000. It means that it was compounded for a total of t years.
Amount, A at the end of t years is $120,000
The formula for compound interest is
A = P(1+r/n)^nt
120000 = 4000(1 + 0.084/1)^1×t
120000/4000 = 1.084^t
30 = 1.084^t
t = 42 years
True. If they never intersect then they must have the same slope and are parallel
Answer:
Estimation is a mental process of coming up with an answer that is relatively close, to allow decisions to be made. The types of estimation are quantity, computation and measurement.
An estimation strategy is simply coming up with a good estimate based on evidence and already known facts. Coming to a conclusion as close to the real answer as you can. It can also be called an educated guess.
Connect the bdc letters together.