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Compound interest
P(1+rate/100)^years
However, this questions would be easier using simple interest with calculations here.
First year — $35000x102% = $35700
Second year — $35700x102% = $36414
Third year — $36414x102% = $37142.28
Note : don’t include the dollar sign.
Answer:
A 3 and 8
Step-by-step explanation:
if a/b=c/d, the extremes are "a" and "d". The means would then be "b" and "c"
The time it will take the principal to grow to the desired amount is 0.7 years
Using the compound interest formula :
A = P(1 + r/n)^(nt)
A = final amount = 225,000
P = principal = 180,000
r = rate = 3.12%
n = Number of compounding times per period = 12(monthly)
t = time
225000 = 180000(1 + (0.0312 /12))^(12t)
Divide both sides by 180000
225000/180000 = (1 + (0.0312 /12))^(12t)
1.25 = 1.026^12t
Take the log of both sides
0.0969100 = 0.0111473 × 12t
0.0969100 = 0.1337676t
Divide both sides by 0.1337676 to isolate t
0.0969100 / 0.1337676 = t
0.7244 years
0.7 years
It will take 0.7 years for the amount to grow
Learn more : brainly.com/question/21270833?referrer=searchResults
Answer:
Chocolate is now a sweet treat that is very popular in the united states.
Step-by-step explanation:
