Answer:
The time required to get a total amount of $ 640.00 from compound interest on a principal of $ 440.00 at an interest rate of 5.6% per year and compounded 365 times per year is approximately 7 years.
Step-by-step explanation:
Given
To determine:
Time period t = ?
Using the formula
solving for t
t = ln(A/P) / n[ln(1 + r/n)]
substituting the values A = 640, P = 440, n = 365 and r = 0.056
t = ln(640/440) / ( 365 × [ln(1 + 0.00015342465753425/365)] )
t = 6.691
t ≈ 7 (nearest year)
Therefore, the time required to get a total amount of $ 640.00 from compound interest on a principal of $ 440.00 at an interest rate of 5.6% per year and compounded 365 times per year is approximately 7 years.
The given question is a quadratic equation and we can use several methods to get the solutions to this question. The solution to the equation are 3/4 and -5/6 and the greater of the two solutions is 3/4
<h3>Quadratic Equation</h3>Quadratic equation are polynomials with a second degree as it's highest power.
An example of a quadratic equation is
The given quadratic equation is
Let's rearrange the equation
This implies that
The equation or formula of quadratic formula is given as
We can substitute the values into the equation and solve
From the calculations above, the solution to the equation are 3/4 and -5/6 and the greater of the two solutions is 3/4
Learn more on quadratic equation here;
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It would be 37’000 because 20% of 185000 is 37’000 which you get by 20 x 185000 and dividing the answer to 100.
