1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
noname [10]
2 years ago
11

Jasmine wants to start saving to purchase an apartment. Her goal is to save $225,000. If she deposits $180,000 into an account t

hat pays 3.12% interest compounded monthly, approximately how long will it take for her money to grow to the desired amount? Round your answer to the nearest tenth of a year.
Mathematics
2 answers:
Y_Kistochka [10]2 years ago
8 0

The time it will take the principal to grow to the desired amount is 0.7 years

Using the compound interest formula :

A = P(1 + r/n)^(nt)

A = final amount = 225,000

P = principal = 180,000

r = rate = 3.12%

n = Number of compounding times per period = 12(monthly)

t = time

225000 = 180000(1 + (0.0312 /12))^(12t)

Divide both sides by 180000

225000/180000 = (1 + (0.0312 /12))^(12t)

1.25 = 1.026^12t

Take the log of both sides

0.0969100 = 0.0111473 × 12t

0.0969100 = 0.1337676t

Divide both sides by 0.1337676 to isolate t

0.0969100 / 0.1337676 = t

0.7244 years

0.7 years

It will take 0.7 years for the amount to grow

Learn more : brainly.com/question/21270833?referrer=searchResults

svlad2 [7]2 years ago
5 0

Answer:

7.2 (year)

Step-by-step explanation:

You might be interested in
What numbers are a distance of 3/4 unit from 1/8 on a number line? Select the locations on the number line to plot the points.
ICE Princess25 [194]
3/4 = 6/8. so 6/8-1/8= 5/8. 5/8 is the answer.
7 0
3 years ago
Read 2 more answers
Is the gcf of two even numbers always even?
olya-2409 [2.1K]
He gcf of any number is always odd.36.the gcf of and odd number and an even number is always even 37.<span />
3 0
3 years ago
Read 2 more answers
Please help me i'm confused
UNO [17]
So this is area and perimeter. you have to add and subtract
7 0
3 years ago
Which choice shows how to find the greatest common factor of 18 and 72 through prime factorization
Marta_Voda [28]

\begin{array}{c|c}18&2\\9&3\\3&3\\1\end{array}\\\\18=\boxed2\cdot\boxed3\cdot\boxed3\\\\\begin{array}{c|c}72&2\\36&2\\18&2\\9&3\\3&3\\1\end{array}\\\\72=2\cdot2\cdot\boxed2\cdot\boxed3\cdot\boxed3\\\\GCF(18,\ 72)=\boxed2\cdot\boxed3\cdot\boxed3=\boxed{\boxed{18}}

6 0
3 years ago
F(x) = -9x + 2 and g(x) = -9x + 6, find (f - g)(7)
Lemur [1.5K]

Answer:

I think there is an error in the question because

(f-g) = -4

(f-g) (7) = NO SOLUTION

Step-by-step explanation:

f(x) = -9x + 2 \\g(x) = -9x + 6\\(f - g)(7)\\(f - g) = -9x + 2 - (-9x+6)\\(f - g) = -9x +2 +9x-6\\(f - g) = -9x +9x+2-6\\(f - g) = -4

7 0
2 years ago
Other questions:
  • It's generally known that it takes 8 minutes for light to get from the Sun to the Earth. If the speed of light is 3.0 X 10^8 m/s
    11·1 answer
  • What is the value of m?<br><br> 1/3m+3−5/6m=−15
    10·1 answer
  • Two children share 2 ½ chocolate bars with each child getting the same amount. how much does each child get?
    13·1 answer
  • There are 30 students in a sixth grade class. 60% of the students are girls. How many of the students are girls?
    9·1 answer
  • Which polygon is a base of the triangular prism?
    12·1 answer
  • Please help I’ve got the answer just not sure if it’s 11.9 or 12
    10·1 answer
  • Sarah reads 51 pages in 17 days.
    5·2 answers
  • PLEASE HELP 50 yd.=_ in. 48ft.=_yd. Thanks!!!!!!
    14·2 answers
  • Janae is 4 years younger than Derek. In 7 years the sum of their ages will be 56. How old are they now?
    12·1 answer
  • Haelp meh pleaasee ;(​
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!