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Determine how long it will take for a principal amount of $13,000 to double its initial value when deposited into an account pay

bezimeni [28]

Compound interest can be defined as the interest on a deposited amount, an investment that is compounded based on its principal and interest rate.

It will take about 3.239 years for the principal amount of $13,000 to double its initial value.

From the above question, we can deduce that we are to find the time "t"

The formula to find the time "t" in compound interest is given as:

t = ln(A/P) / r

where:

P = Principal = $13,000

R = Interest rate = 21.4%

A = Accumulated or final amount

From the question, the Amount "A" is said to be the double of the principla.

Hence,

A = $13,000 x 2

= $26,000

Step 1: First, convert R as a percent to r as a decimal

r = R/100

r = 21.4/100

r = 0.214 per year.

Step 2: Solve the equation for t

t = ln(A/P) / r

t = ln(26,000.00/13,000.00) / 0.214

t = 3.239 years

Therefore, it will take about 3.239 years for the principal amount of $13,000 to double its initial value.

To learn more, visit the link below:

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7 0

2 years ago

Please help!!!!!

sergeinik [125]

-8.1

Step-by-step explanation:

$\frac{ - 4}{9} x + 2.4 = 6$

Times all by 9 to get rid of fraction

$- 4x + 21.6 = 54$

Take 21.6 away from both sides

$- 4x = 32.4$

Divide by -4

$x = - 8.1$

8 0

2 years ago

Read 2 more answers

The four angles of a quadrilateral are in the ratio 2:3:5:8. Find the angles

sp2606 [1]

Answer:

Step-by-step explanation: let 2:3:5:8 be 2x,3x,5x,8x respectively .

*angles in a quadrilateral is 360 degree

*2x+3x+5x+8x=360

*18x=360

*x=360/18

*x=20

now substitute x in these:

2x=2x20=40

3x=3x20=60

5x=5x20=100

8x=8x20= 160

so these are the following angles: 40,60,100 and 160

8 0

3 years ago

A group of friends were working on a student film. They spent all their budget on props and costumes. They spent $243 on props,

SVETLANKA909090 [29]

Answer:

The total budget for their student film was $540

Step-by-step explanation:

The total percentage of any quantity is 100%

∵ A group of friends was working on a student film

∵ They spent all their budget on props and costumes

∴ The total budget of the props and costumes = 100%

∵ They spent $243 on props

∵ They spent 55% of the total budget on costumes

→ Find the percentage of the props

∴ The percentage of the props = 100% - 55%

∴ The percentage of the props of the total budget = 45%

→ That means 45% of the total budget = 243

∵ 45% × total budget = 243

→ Change the percent to a number by divide it by 100

∵ 45% = 45 ÷ 100 = 0.45

∴ 0.45 × total budget = 243

→ Divide both sides by 0.45

∴ The total budget = 540

∴ The total budget for their student film was $540

4 0

2 years ago

Read 2 more answers

Mary has 60 candy pieces and 45 chocolates. She wants to distribute the candy to her little sister's friends at her birthday par

Anna11 [10]

Answer:

5 friends

Step-by-step explanation:

Candy pieces = 60

Chocolate = 45

What should be the smallest number of her sister's friends for the distribution of candy and chocolate so each friend gets an equal number of candy pieces and chocolates in a way that there should not be left any chocolate or candy pieces left over?

To calculate this, find the lowest factor of 60 and 45

60:

Factors = 2, 4, 5, 6,

45:

Factors= 3, 5, 9

The lowest common factor of 60 and 45 is 5

The smallest number of her sister's friend so each person get an equal number of candy pieces and chocolate so there won't be any leftover is 5

That is

If there are 5 friends at the birthday party

60 candy pieces among 5 friends

= 60/5

= 12 pieces each

45 chocolate among 5 friends

= 45/5

= 9 each

6 0

3 years ago