Answer:
21/2
Step-by-step explanation:
(3/4)/(1/14)=(3/4)(14/1)=42/4=21/2
It equals 3 because (x+y)
We have been given that a person invests 5500 dollars in a bank. The bank pays 6.75% interest compound monthly. We are asked to find the time that will take the amount to 13,200 dollars.
We will use compound interest formula to solve our given problem.
, where,
A = Final amount,
P = Principal amount,
r = Annual interest rate in decimal form,
n = Number of times interest is compounded per year,
t = Time in years.
Upon substituting our given values in above formula, we will get:
Now we will take natural log on both sides.
Using natural log property , we will get:
Upon rounding to nearest tenth, we will get:
Therefore, it will take approximately 13.0 years for the amount to reach $13200.