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
TiliK225 [7]
2 years ago
13

A person invests 7000 dollars in a bank. The bank pays 5.5% interest compounded

Mathematics
1 answer:
kotykmax [81]2 years ago
6 0

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

  • Principal P= $7000
  • Rate r= 5.5%
  • Final Amount A = $13200
  • Time t = ??

(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

You might be interested in
What is 30+10x=100 how to solve
Georgia [21]
X=7 
100-30=70 
70/10
x=7
hope this helps 
4 0
2 years ago
Read 2 more answers
Write the number with the same value as 32 tens
mel-nik [20]
The number with the same value as 32 tens is 320.
5 0
3 years ago
Need help with this stuck on another problem
Cerrena [4.2K]

just remove perenthesis

5 0
3 years ago
Susan can buy 6 flower seed packets for $2. If all the seed packets cost the same amount of money, how many packets can Susan bu
antiseptic1488 [7]

Answer:She can buy 30 packets

Step-by-step explanation:

6 flower seeds  $2

12 flower seeds $4

18 flower seeds $6

24 flower seeds $8

30 flower seeds $10

8 0
2 years ago
Read 2 more answers
Classify this triangle by its sides.
ruslelena [56]

Step-by-step explanation:

The answer is scalene triangle

7 0
2 years ago
Read 2 more answers
Other questions:
  • A staff member at UF's Wellness Center is interested in seeing if a new stress reduction program will lower employees high blood
    14·2 answers
  • The measure of an angle is 140°. What is the measure of its supplementary angle
    7·2 answers
  • What is 1/3 divided by 1/9​
    8·2 answers
  • What does k^2 -8k-20=0
    15·2 answers
  • Jakob is volunteering at the local animal shelter. After grooming some cats, the veterinarian on-site gave Jakob a slip of paper
    10·1 answer
  • Gymnast are lined up at the drinking fountain. The first four each take 10 3/10 seconds. The fifth takes 5 4/5 seconds. The sixt
    8·1 answer
  • Shelby needs 4/8 of a cup of oatmeal for each batch of cookies she is baking. If she wants to make 7 oatmeal cookies, how much o
    6·2 answers
  • What is the cos 30°? ​
    10·2 answers
  • Find b given that A (-6, 2), B (b, 0), and C (3,-4) are collinear.
    7·1 answer
  • What is a material that interacts with living systems
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!