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?

Answers

Answer 1

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

Answer 2

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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Step-by-step explanation:

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Step-by-step explanation:

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Can you apply this principle to this problem, Let me know if you have any further questions about this problem. Thanks.

Upvote

1

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Answers

Answer:

#7) x = 3

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Step-by-step explanation:

# 7

Well AOB + BOC = AOC so...

4x - 1 + 2x + 15 = 8x + 8 (collect like terms)

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6 = 2x (divide by 2 on both sides)

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#8

COD + BOC = BOD so..

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11x + 3 = 12x - 6 (add 6 on both sides)

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9 = x

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Answer:

Loading Answer...

Step-by-step explanation:

Loading Explanation...

use a single digit times a power of 10 to estimate the number 0.00007264

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Answer:

0.0007264

Step-by-step explanation:

I think it is right but if not I am so sorry! Hope this helps!

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Answers

The sum of all the cards of Luann is -14.

One of the four fundamental operations for arithmetic on integers, decimals, fractions, real and complex numbers, as well as in algebraic expressions or on structures related to them, including vector spaces, is sum (also known as addition).

The terms, addends, or summands collectively refer to the numbers or objects that need to be added in general addition; this nomenclature also applies to the summation of several terms. This should be distinguished from multiplied factors.Addition or sum follows the commutative , associative and distributive properties.

The given numbers on the cards are given as - 12 , 3 and - 5 .

Therefore the addition or sum is equal to :

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Hence the sum of all the cards in LuAnn's card games is -14.

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WILL REWARD What is the equation of the line in point-slope form?
Use the red point in your equation. Write your answer using integers, proper fractions, and
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Answers

Step-by-step explanation:

the red point is (4, -5).

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8
24
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Answers

Answer:

WX = 24

Step-by-step explanation:

Centroid of a triangle divides the medians of the triangle in the ratio 2 : 1

Therefore,

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What is the centroid of the triangle?

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Here, the ratio of the two sides will be given as:-

WM/ MX = 2/1

Calculate the value of MX to get the value of WX.

16/MX = 2/1

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The value of WX will be:-

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Answers

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Step-by-step explanation:

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Answers

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1/9

Step-by-step explanation:

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1/9

6
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(1 Point)
Enter your answer



Will make Brainlylist

Answers

Answer:72.1

103*.7=72.1

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a

Step-by-step explanation:

Answer:

The answer is A. y=1/3x+4

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~17.67

Step-by-step explanation:

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~17.67

Answer:

Step-by-step explanation:

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Your Understanding

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Answers

The account must pay a 40 percent interest rate under Marcos.

A basic interest account is what?

A loan's or deposit's initial principal serves as the foundation for simple interest.

Contrarily, compound interest is calculated based on both the principal amount and the interest that is accrued on it each period.

Simple interest is simpler to compute than compound interest because it is just applied to the principal.

based on the information provided,

500+x=200

x=200/500

x=40

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1
2
3
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1
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Answers

Answer:

B.

Step-by-step Explanation:

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It depends on which number has the greatest absolute value.

Think about it as money

If you owe me $10, this is shown as -10

Now  if I give you back 2 dollars  (+2), How much money do I still owe you.

The equation is -10+2

I still owe you 8 dollars which is portrayed as -8

Hope this helps :)

1.
Susan has five blocks of candy. She wantsstwo ciwe chook into -size pieces of
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B) I can’t read this.
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Answers

Answer:

how are yall so smart bc im sittin over here like bruh these guys are smarter than enistain

Step-by-step explanation:

Answer:

8/-11

Step-by-step explanation:

m=y2-y1/x2-x1

16-8=8

9-20=(-11)

8/-11

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if it did pls mark brainliest

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