Nathaniel invested $37,000 in an account paying an interest rate of 5.7% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $70,900?
Answer:
11
Step-by-step explanation:
\text{Compounded Daily:}
Compounded Daily:
A=P\left(1+\frac{r}{n}\right)^{nt}
A=P(1+
n
r
)
nt
Compound interest formula
A=70900\hspace{35px}P=37000\hspace{35px}r=0.057\hspace{35px}n=365
A=70900P=37000r=0.057n=365
Given values
70900=
70900=
\,\,37000\left(1+\frac{0.057}{365}\right)^{365t}
37000(1+
365
0.057
)
365t
Plug in values
70900=
70900=
\,\,37000(1.0001562)^{365t}
37000(1.0001562)
365t
Simplify
\frac{70900}{37000}=
37000
70900
=
\,\,\frac{37000(1.0001562)^{365t}}{37000}
37000
37000(1.0001562)
365t
Divide by 37000
1.9162162=
1.9162162=
\,\,1.0001562^{365t}
1.0001562
365t
\log\left(1.9162162\right)=
log(1.9162162)=
\,\,\log\left(1.0001562^{\color{blue}{365t}}\right)
log(1.0001562
365t
)
Take the log of both sides
\log\left(1.9162162\right)=
log(1.9162162)=
\,\,\color{blue}{365t}\log\left(1.0001562\right)
365tlog(1.0001562)
Bring exponent to the front
\frac{\log\left(1.9162162\right)}{\log\left(1.0001562\right)}=
log(1.0001562)
log(1.9162162)
=
\,\,\frac{365t\log\left(1.0001562\right)}{\log\left(1.0001562\right)}
log(1.0001562)
365tlog(1.0001562)
Divide both sides by log(1.0001562)
4164.8632402=
4164.8632402=
\,\,365t
365t
Use calculator
\frac{4164.8632402}{365}=
365
4164.8632402
=
\,\,\frac{365t}{365}
365
365t
Divide by 365
11.4105842=
11.4105842=
\,\,t
t
t\approx
t≈
\,\,11
11
Using compound interest, it is found that it would take 11 years for the value of the account to reach $70,900.
What is compound interest?The amount of money earned, in compound interest, after t years, is given by:
[tex]A(t) = P\left(1 + \frac{r}{n}\right)^{nt}[/tex]
In which:
A(t) is the amount of money after t years. P is the principal(the initial sum of money). r is the interest rate(as a decimal value). n is the number of times that interest is compounded per year.Hence, the parameters are given as follows:
[tex]A(t) = 70900, P = 37000, n = 365, r = 0.057[/tex]
We have to solve for t, then:
[tex]A(t) = P\left(1 + \frac{r}{n}\right)^{nt}[/tex]
[tex]70900 = 37000\left(1 + \frac{0.057}{365}\right)^{365t}[/tex]
[tex]\left(1 + \frac{0.057}{365}\right)^{365t} = \frac{70900}{37000}[/tex]
[tex]\left(1 + \frac{0.057}{365}\right)^{365t} = 1.91621622[/tex]
[tex](1.00015616)^{365t} = 1.91621622[/tex]
[tex]\log{(1.00015616)^{365t}} = \log{1.91621622}[/tex]
[tex]365t\log{1.00015616} = \log{1.91621622}[/tex]
[tex]t = \frac{\log{1.91621622}}{365\log{1.00015616}}[/tex]
t = 11.41
Rounding to the nearest year, it would take 11 years for the value of the account to reach $70,900.
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Angie uses the equation E=0.03s + 25,000 to find her yearly earning E based on her total sales s. What is the independent variable
Answer:
25000
Step-by-step explanation:
it's independent because it's not related with her total sales s
Equations and Inequalities One-Pager
Given: PQRS is a parallelogram; S, P, and T are collinear. Prove: ∠1 ≅ ∠4.
Answer:
∠1 ≅ ∠4 because yeah
Step-by-step explanation:
Which shows the equation below written in the from ax^2 + bx + c = 0? x + 9 = 2(x - 1) ^2
Answer:
i may be wrong but i thinks its A
Step-by-step explanation:
Find the ratios x:y:z if x:y=9:10 and y:z=5:3
Answer:
Step-by-step explanation:
Answer:
x : y : z = 9 : 10 : 6
Step-by-step explanation:
Expressing the ratio y : z = 5 : 3 in fractional form, that is
[tex]\frac{y}{z}[/tex] = [tex]\frac{5}{3}[/tex] ( cross- multiply )
5z = 3y ( divide both sides by 5 )
z = [tex]\frac{3}{5}[/tex] y = [tex]\frac{3}{5}[/tex] × 10 = 3 × 2 = 6
Thus
x : y : z = 9 : 10 : 6
Paige ran 3 miles on Monday, walked 8 miles Tuesday
and ran a combined 11 miles on Wednesday and
Thursday. How many total miles did Paige exercise in
four days?
Answer:
22
Step-by-step explanation:
add 11 + 8+ 3
Barry wants to take out a loan from his bank for $1000 to buy bicycle the interest rate on the loan from the bank is 9% he wants to pay the toll amount in three monthly payments what is the amount that vary with pay in interest rate loan
Answer:
22.50
Step-by-step explanation:
formula I=prt
I=1000x0.09x.25
I=22.50
The required interest paid by Barry is given as, $22.5.
Given that,
Barry wants to take out a loan from his bank for $1000 to buy a bicycle the interest rate on the loan from the bank is 9% he wants to pay the toll amount in three monthly payments what is the amount that varies with pay in interest rate loan is to be determined.
Simple interest is defined as the percentage of earnings on the lending for a period of time
Here,
Principal = 1000
Rate = 9%
Time = 3 / 12 = 0.25 years
So,
Interest = Principal × rate × time
interest = 1000 × 0.09 × 0.25
Interest = $22.5
Thus, the required interest paid by Barry is given as, $22.5.
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Brainliest! Correct! Fast!
Answer:
c or the third one
Step-by-step explanation:
Answer:
c
Step-by-step explanation:
24% of what number is 16.08
Answer:
67
Step-by-step explanation:
Answer:
67
Step-by-step explanation:
16.08*100/24 is the formula
Solve for the missing angle measures
Answer:
Set 1 angles a and c are 62
Set 2 angles b and d are 120
Step-by-step explanation:
angle a = angle c = 62
angle b = angle d = 120
Chau has bought 30 pounds of dog food. He feeds his dog 3/5 pounds for each meal. For how many meals will the food last?
Answer:
50 meals.
Step-by-step explanation:
30 divided by 3/5= 50
What is the measure of AX, in degrees?
N
6
Х
6
70
у
Answer:
C
Step-by-step explanation:
Since XY = XZ = 6, then the triangle is isosceles.
The base angles are therefore congruent, that is
∠ Y = ∠ Z = 70°
The sum of the 3 angles in the triangle = 180°, thus
∠ X = 180° - (70 + 70)° = 180° - 140° = 40° → C
A computer company offers a special discount to college students of 15% off. Find the discounted price of a computer that costs $1265.
Answer:
1075.25
Step-by-step explanation:
subtract the 15 percent using freindly percents
mx - y = 7
How do I solve for x
Explanation and Awnser:
y=mx−7
Swap sides so that all variable terms are on the left hand side.
mx−7=y
Add 7 to both sides.
mx=y+7
Divide both sides by m.
m
mx
=
m
y+7
Dividing by m undoes the multiplication by m.
x=
m
y+7
SOLVE FOR X. HELP ME NOW PLEASE!
Answer:
For number 2, its A. For number 1, its C.
Step-by-step explanation:
For both equations, you just set it equal to to each other because alternate interior angles are equivalent.
2) The equation would be
7x+3=6x+12
Then solve.
1) The equation would be
14x-3=95
Then solve.
I love geometry! If you have questions, just comment.
In the souvenir shop, Gary finds a shirt and a key chain he would like to buy. The shirt costs $13.75 and the key chain costs $2.33. What will be the total of Gary's souvenirs?
Answer:
$16.08
Step-by-step explanation:
13.75+2.33=16.08
At Gloria’s Restaurant, the average diner tips 18% of their total bill. Carter’s bill was $66.50. How much money should Carter tip?
Answer:
$11.97
Step-by-step explanation:
If Carter were to tip that 18%, then he should give a $11.97 tip.
0.6650 x 18 = 11.97
The amount Carter should tip at the restaurant is $11.97.
What is the percentage?A percentage is a value per hundredth. Percentages can be converted into decimals and fractions by dividing the percentage value by a hundred.
Given, At Gloria’s Restaurant, the average diner tips 18% of their total bill.
Therefore, The amount Carter must tip should be 18% of 66.50 which can be numerically expressed as,
(18/100)×66.50.
= $11.97.
So, Carter should tip $11.97.
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what is 2/3 divided by 1/2 in fractions
Answer:
4/3
Step-by-step explanation:
Answer:
the answer is 4/3
Step-by-step explanation:
Hope that helps!
A person can pay $9 for a membership to the history museum and then go to the museum for just $1 per visit. For a member of the history museum, what is the total cost of 23 visits?
Answer:
$32Step-by-step explanation:
Step one:
Given that membership is $9 and the cost per visit is $1
let the number of visits be x
and the total cost be y
the total cost for the situation is modeled as
y=mx+c-----equation of a line
Step two:
given that x=23, we can solve for the totals cost as
by substituting we have
y=1*23+9
y=23+9
y=32
The total cost for 23 visits is $32
You form a company with two other partners. You own 40%, partner two owns 35% and partner three owns 25%. The company makes $950,000 in the first year and distributes profits in proportion to each partners ownership share. How much does partner two get?
Answer:$332,500
Step-by-step explanation:
I used a percent calculator and got it correct
PLEASE HELP!!! GIVING BRAINLIST
If x + 2y = 8 and x/2 -y= 10, then x = ?
A)-3
B) 0
C) 10
D) 14
Answer:
D. 14
make y the subject of the formula in equation 1 and then substitute it in equation 2
Identify all segments that are parallel to XY
A. ST
B. VZ, VW, ST
C. QR, QU
D. VW
Answer:
a. ST
Step-by-step explanation:
Which graph is the solution to the inequality below?
Answer:
it the third answer
Step-by-step explanation:
3(x-5)< 5x+7
x>-11Solve for a.
1/2a - 4 = 6
What is the exponential expression for the numerical expression 14⋅14⋅14⋅14?
144
4⋅144
564
414
Answer:
144
Step-by-step explanation:
i just did the test
James bought 6 2/3 cups of raising to use in a recipe for oatmeal raisin cookies. If he plans on making three separate batches of cookies, how many cups of raisins will go to each batch?
eu não sei
espero ter ajudado muito
espero ter ajudado muito
Zack delivers mail for the post office.everyday he walks a seven mile route.How many miles does Zack walk in one month if he works 22 days a month
If im right give me brainliest
Answer: 154
Step-by-step explanation: 22 represents days 7 represents miles he walks a day i think you to have to multiply. 22 times 7 is 154
True or False
If an acute angle is 80o then we add the obtuse angle of 110o to equal 180o?
Answer:
true
Step-by-step explanation:
A = p + prt solve for t
Answer:
t = [tex]\frac{A - p}{pr}[/tex]
Step-by-step explanation:
A = p + prt
A - p = p - p + prt
A - p = 0 + prt
A - p = prt
[tex]\frac{A - p}{pr}[/tex] = [tex]\frac{prt}{pr}[/tex]
[tex]\frac{A - P}{pr}[/tex] = t