The time required to get a total amount of $13,200.00 with compounded interest on a principal of $7,000.00 at an interest rate of 5.5% per year and compounded 12 times per year is 11.559 years. (about 11 years 7 months)
Answer:
t = 11.559 years
<h3>Compound Interest </h3>
Given Data
(about 11 years 7 months)
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 5.5/100
r = 0.055 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(13,200.00/7,000.00) / ( 12 × [ln(1 + 0.055/12)] )
t = ln(13,200.00/7,000.00) / ( 12 × [ln(1 + 0.0045833333333333)] )
t = 11.559 years
Learn more about compound interest here:
brainly.com/question/24924853
Answer:
a=2x-b
Step-by-step explanation:
Answer:
7/10.
Step-by-step explanation:
If theres a total of 10 games and 7 out of the 10 are racing games, it means that 7/10 of the games are racing games.
Answer:
z= - 5
√
38
Step-by-step explanation:
take the root of both sides
or
you can factor each set and make them equal to zero
Answer:
36
Step-by-step explanation:
X equals 12, substitute X for 12
3(12)=36
