1 answer:
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Amount =$48003.20
Step-by-step explanation:
Here apply the compound interest formula;
where;
P=Principal amount invested = $37500
r=rate of interest as a decimal, 2.5% =0.025
n=number of compounding per year=1
t=time period the amount in invested=10
In our case, the amount after investing will be;
Interest earned after the period= $48003.20-$37500 =$10503.20
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Compound Interest formula application: brainly.com/question/7014337
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It would take 26 years.
The equation will be in the form y = a(1+r)ˣ, where a is the initial population, r is the growth rate as a decimal number, and x is the amount of time. Using our information we have
y = 18450(1+0.027)ˣ = 18450(1.027)ˣ
We want the population to be doubled; 18450*2 = 36900:
36900 = 18450(1.027)ˣ
Divide both sides by 18450:
36900/18450 = 18450(1.027)ˣ/18450
2 = 1.027ˣ
Using logarithms, we have
The equation will be in the form y = a(1+r)ˣ, where a is the initial population, r is the growth rate as a decimal number, and x is the amount of time. Using our information we have
y = 18450(1+0.027)ˣ = 18450(1.027)ˣ
We want the population to be doubled; 18450*2 = 36900:
36900 = 18450(1.027)ˣ
Divide both sides by 18450:
36900/18450 = 18450(1.027)ˣ/18450
2 = 1.027ˣ
Using logarithms, we have