Evaluate the expression for the give value of the variable. 3d — 4 d = 1.2
1 answer:
You might be interested in
The person must invest the money in the bank for 18 years to reach $19600, if a person invests 9000 dollars in a bank and the bank pays 4.25% interest compounded daily.
Step-by-step explanation:
The given is,
A person invests 9000 dollars in a bank
The bank pays 4.25% interest compounded daily
Future amount $19600
Step:1
Formula to calculate the future investment with compounded daily,
................................(1)
Where, A - Future amount
P - Initial investment
r - Interested rate
n - No.of times for a year
t - No.of years
Step:2
From the given values,
A = $ 19600
P = $ 9000
r = 4.25 %
n = 365 ( ∵ Compounded daily )
Equation (1) becomes,
( Take log on both sides )
Substitute the log values,
= 18.314
≅ 18 years
No.of years, t = 18 years
Result:
The person must invest the money in the bank for 18 years to reach $19600, if a person invests 9000 dollars in a bank and the bank pays 4.25% interest compounded daily.