Suppose that $2000 is placed in a savings account at an annual rate of 4.6%, compounded quarterly. Assuming that no withdrawals are made, how long will it take for the account to grow to $3000? Do not round any intermediate computations, and round your answer to the nearest hundredth.

If necessary, refer to the list of financial formulas.

Answers

Answer 1

Answer:

It will take 35.46 quarters for the account to grow to $3000.

Step-by-step explanation:

Since the annual rate is compounded quarterly, this can be calculated using the formula for calculating the future value as follows:

FV = PV * (1 + r)^n ............................ (1)

Where;

FV = future value or the amount the deposit expected to grow to = $3,000

PV = Present value or the amount place in the savings = $2,000

r = Quarterly rate = Annual rate / 4 = 4.6% / 4 = 0.046 / 4 = 0.0115

n = number of quarters it will take for the loan to grow to $3000 = ?

Substituting the values into equation (1) and solve for n, we have:

$3,000 = $2,000 * (1 + 0.0115)^n

$3,000 / $2,000 = (1.0115)^n

1.50 = (1.0115)^n

Loglinearise both sides, we have:

log(1.50) = n log(1.0115)

0.176091259055681 = n * 0.00496588710682352

n = 0.176091259055681 / 0.00496588710682352

n = 35.4601816891322

Rounding to the nearest hundredth, which also implies to rounding to 2 decimal places, we have:

n = 35.46

Since the the annual rate is compounded quarterly, it will therefore take 35.46 quarters for the account to grow to $3000.

Answer 2

Suppose that $2000 is placed in a savings account at an annual rate of 4.6%, compounded quarterly. Assuming that no withdrawals are made, it will take him 8.86 years for the account to grow to $3000

From the information given:

The principal amount placed in the savings account (P) = 2000The annual interest rate = 4.6%number of times interest is compounded n = 4

By using the compound interest formula:

[tex]\mathbf{A = P( 1+\dfrac{r}{n})^{nt}}[/tex]

replacing the values from above, we have:

[tex]\mathbf{3000= 2000( 1+\dfrac{0.046}{4})^{4t}}[/tex]

[tex]\mathbf{\dfrac{3000}{2000}= ( 1+\dfrac{0.046}{4})^{4t}}[/tex]

[tex]\mathbf{\dfrac{3000}{2000}= ( 1+0.0115)^{4t}}[/tex]

[tex]\mathbf{\dfrac{3000}{2000}= ( 1.0115)^{4t}}[/tex]

[tex]\mathbf{log(\dfrac{3000}{2000})= 4t \times log ( 1.0115)}[/tex]

[tex]\mathbf{0.17609= 4t \times0.004966}[/tex]

[tex]\mathbf{t = \dfrac{0.17609}{4 \times 0.004966 }}[/tex]

t = 8.86 years to the nearest hundredth.

Learn more about compound interest here:

https://brainly.com/question/14295570?referrer=searchResults


Related Questions

I need step by step help on how to work out this percentage question ​

Answers

Answer:

$15.7, $141.3

Step-by-step explanation:

Discount

157*0.1 = $15.7

Sale price

157 - 15.7 = $141.3

Find the rate of change for the function h(x) = 2–x on the interval –2 ≤ x ≤ -1.

0
-2
4
Plz!!! i really need help with this

Answers

Answer:

3002

Step-by-step explanation:

i hope i helped

Point C(3.6, -0.4) divides in the ratio 3 : 2. If the coordinates of A are (-6, 5), the coordinates of point B are . If point D divides in the ratio 4 : 5, the coordinates of point D are .

Answers

Answer:10,-4 and 58/9,-2

Step-by-step explanation:

Plato users

In the figure below, lines w and z are parallel. What is the value of x

Answers

Answer:

x° = 42°

Step-by-step explanation:

= 180° - (70° + 68°) = 42°

Jason is 22 years older than his sister Ann. In 4 years, he will be twice as old as Ann. How old is each of them now?

Answers

Answer:

im not sure if this is rite

Step-by-step explanation:

jason=a+22

ann=a

a+22+4=2a+4

a+26=2a+4

a=22


8. Two alarms ring simultaneously
3am in the morning. The first alarm rings every 20
minutes while the second alarm rings
every hour. What time will the two alarms
ring at the same
time for the third time?​

Answers

3:20 then 3:40 then 4:00 for both
They will meet for a third time at 6am because 20 is one third of 60. So when the first alarm rings three times the second one will also ring. Then since the question is asking when the alarms ring for the third time together you ha e to add three hours to 3am because they always meet on the hour. Hope this helps!

The scores for all high school seniors taking the verbal section of the Scholastic Aptitude Test (SAT) in a particular year had a mean of 490 and a standard deviation of 100. The distribution of SAT scores is bell-shaped.

What percentage of seniors scored between 390 and 590 on this SAT test?

Answers

Answer:

The value is  [tex]P( 390 < X < 590) = 68.3 \%[/tex]    

Step-by-step explanation:

From the question we are told that

   The mean is  [tex]\mu = 490[/tex]

    The standard deviation is  [tex]\sigma = 100[/tex]

   

Generally the proportion of seniors scored between 390 and 590 on this SAT test is mathematically represented as

     [tex]P( 390 < X < 590) = P( \frac{390 - 490 }{100} < \frac{\= x - \mu }{\sigma} < \frac{590 - 490 }{ 100} )[/tex]

[tex]\frac{X -\mu}{\sigma }  =  Z (The  \ standardized \  value\  of  \ X )[/tex]

    [tex]P( 390 < X < 590) = P( -1 < Z < 1 )[/tex]

=>  [tex]P( 390 < X < 590) = P(Z< 1 ) - P(Z < - 1 )[/tex]

From the z table  the area under the normal curve to the left corresponding to  1 and  -1  is  

[tex]P(Z< 1 ) = 0.84134[/tex]

and

[tex]P(Z< - 1 ) = 0.15866[/tex]  

   [tex]P( 390 < X < 590) =0.84134 - 0.15866[/tex]

=> [tex]P( 390 < X < 590) = 0.6827[/tex]

Generally the percentage of seniors scored between 390 and 590 on this SAT test is mathematically represented as

=> [tex]P( 390 < X < 590) = 0.6827 *100[/tex]    

=> [tex]P( 390 < X < 590) = 68.3 \%[/tex]    

Please help ASAP!!
What is the sum of the square root of 676 and square of 24​

Answers

Step-by-step explanation:

square root of 676 is equal to 26

square of 24 is equal to 576

576+26 = 602

Step-by-step explanation:

[tex] \sqrt{676 } = 26[/tex]

[tex] {24}^{2} = 576[/tex]

576+26=602

Hiking up a mountain, you notice that the air temperature drops 10°C for every 1,000 meters increase in elevation. Write a multiplication expression to represent the decrease in temperature if you hike up the mountain 3,000 meters. Then evaluate the expression and explain its meaning.

Answers

Answer:

30,000

Step-by-step explanation:

How do you do these two questions?

Answers

Answer:

(x − π)⁷ / 5040

(x − 1)³ / 16

Step-by-step explanation:

Taylor series expansion of a function is:

f(x) = ∑ₙ₌₀°° f⁽ⁿ⁾(x₀) / n! (x − x₀)ⁿ

where f⁽ⁿ⁾(x₀) is the nth derivative evaluated at x₀.

For the first problem, f(x) = sin x and x₀ = π.  We want the seventh degree term, so n = 7.

The seventh degree term is therefore: f⁽⁷⁾(π) / 7! (x − π)⁷

Find the seventh derivative of sin x:

f(x) = sin x

f⁽¹⁾(x) = cos x

f⁽²⁾(x) = -sin x

f⁽³⁾(x) = -cos x

f⁽⁴⁾(x) = sin x

f⁽⁵⁾(x) = cos x

f⁽⁶⁾(x) = -sin x

f⁽⁷⁾(x) = -cos x

Evaluated at π, f⁽⁷⁾(x) = 1.  So the seventh degree term is (x − π)⁷ / 5040.

For the second problem, f(x) = √x and x₀ = 1.  We want the third degree term,  so n = 3.

The third degree term is therefore: f⁽³⁾(1) / 3! (x − 1)³

Find the third derivative of √x:

f(x) = √x

f⁽¹⁾(x) = ½ x^-½

f⁽²⁾(x) = -¼ x^-³/₂

f⁽³⁾(x) = ⅜ x^-⁵/₂

Evaluated at 1, f⁽³⁾(x) = ⅜.  So the third degree term is (x − 1)³ / 16.

Worth 75 points!! Need help with calculus

Answers

The correct answer is:

2u-v=7(5i-3j)

Therefore, 5, and 3 go inside the box.

Emily is looking for tickets to see Taylor Swift. Two weeks ago, the tickets were $64. Now the tickets are $80. What is the percent change in the price of tickets? Is it an increase or decrease?

Answers

Answer:

25% increase. Hope this in helpful!!

Tasia’s bank account balance was -$25.64. She deposited a check into her bank account and her new balance is $152.29. How much was the check that Tasia deposited into her account?

Answers

Answer:

$177.93

Step-by-step explanation:

Answer:

The check is 177.93$

Step-by-step explanation:

I did 25.64+152.29= 177.93

U can check it by doing -25.64+177.93

of a car for $40,300 at 2.5% add on rate for 5 years. What is the APR?

Answers

Like 55k bs snanbdndhdmd

Answer:

$45,337.5

Step-by-step explanation:

1. 2.5 * 5 = 12.5

2. $40,300 + 12.5%

Hope This Helps :)

What is 50 decreased by 50%

Answers

Answer:

25

Step-by-step explanation:

50% (1/2) of 50 is 25

50-25=25

Answer:

i 100% sure it 25

Step-by-step explanation:

Analyze the graph of the function f(x) to complete the statement.

Answers

Answer:

Step-by-step explanation:

What they are asking for here is where the y-values are negative in interval format. Intervals are x things only, no y's allowed. So the interval of (-infinity, -3) indicates an x value of negative infinity to an x value of -3. The y's are negative from an x value of negative infinity to an x-value of -3, then again from an x value of almost -1 to an x value of almost positive 1. So your choice is the last one listed there.

Evaluate 10,5p + 9,71 when p = 6 and r=7
10.5() +9,7
467.9
10.50 +97([] = []+679

Answers

I wish I could help sorry

Need help with this

Answers

Answer:

It's B. n3 - 4n - 4

Step-by-step explanation:

Hope this helps.. ;)

HELP ME PLEASEEEEEESS

Answers

Answer:

b

Step-by-step explanation:

A political candidate has asked you to conduct a poll to determine what percentage of people support her.
If the candidate only wants a 5% margin of error at a 99% confidence level, what size of sample is needed?
Give your answer in whole people.
ME=8%=0.08
CL=90%=1.645
n=?

Answers

Answer:

666

Step-by-step explanation:

From this question,

a = 1-99%

a = 1-0.99

a = 0.01

5% = z(0.05) = 2.58 when we check the standard normal table

Therefore we calculate n as:

n = (z/E)²*p*1-p

Z = 2.58

E = 0.05

P = 0.5

1-p = 0.5

(2.58/0.05)²x0.5x0.5

= 51.6²x0.5x0.5

= 665.64

Therefore n is approximately 666.

5a + 2r = 12 rewrite this equation!!

Answers

I will put it in standard form,

5a + 2r = 12

It becomes

5a + 2r - 12 = 0

Decide which of the two given prices is the better deal and explain why. You can buy shampoo in a ​6-ounce bottle for ​$2.29 or in a ​15-ounce bottle for ​$.10.19

Answers

Answer:

The 6 oz bottle

Step-by-step explanation:

When you simplify it to see how much per ounce each costs, the 6-oz has the better price.

2.29/6 = 0.381666....

10.19/15 = 0.6793....

the second bottle cost more per ounce, so the 6 oz bottle has the better deal

*plz brainlist

A total of 710 tickets were sold for the school play . They were either adult tickets or student tickets. There were 60 more student tickets sold than adult tickets. How many adult tickets were sold ?

Answers

Answer: 325

Explanation:

Let the number of adult tickets be x

( since there are an unknown amount of tickets for adults, we already know how many student tickets there are)

Let the number of student tickets be x+60

710=x+x+60

710=2x+60

 -60        -60

650=2x

650/2

= 325

Adult tickets=325

Student tickets=385

         

Plzz Due today!
The table below represents a linear function f(x) and the equation represents a function g(x): (See pic)


Part A: Write a sentence to compare the slope of the two functions and show the steps you used to determine the slope of f(x) and g(x).

Part B: Which function has a greater y-intercept? Justify your answer.

Answers

Answer:

Step-by-step explanation:

A.

slope of f(x) remember that m=rise /run and see how you get from point (0,0) to (1,3) for example

m= rise 3/ run 1= 3

slope of g(x) you find by comparing it to y=mx+b wher m is slope and b is intercept so g(x) slope is m = 7

Slope of f(x) is 3 and slope of g(x) is 7 so g(x) go upward  faster.

B.

again compare g(x) =7x+2 with y=mx+b where b is the y-intercept

g(x) has y-intercept at (0,2)

we can see from the table that at x=0 the y-intecept is 0

f(x) has y-intercept at (0, 0)

g(x) has a greater y-intercept point

you deposit 10,000 in an account that pays 3% annual interest compounded monthly. How much will you have in 5 years?

Answers

Answer:

$2,833.59

Step-by-step explanation:

1 $10,000.00 $10,000.00 $511.64 $0.00 $10,511.62 $10,000.00

2 $10,000.00 $10,511.62 $537.79 $0.00 $11,049.41 $10,000.00

3 $10,000.00 $11,049.41 $565.30 $0.00 $11,614.72 $10,000.00

4 $10,000.00 $11,614.72 $594.23 $0.00 $12,208.95 $10,000.00

5 $10,000.00 $12,208.95 $624.63 $0.00 $12,833.59 $10,000.00

Answer:

How do i take questions down like this one?

Step-by-step explanation:

I will give brainliest!!!

Answers

Answer:

The price ticket that we know is the adult ticket. The coupon shows that the ticket is good for $28.00. In the redd it shows that you save 4 dollars, so just add 4 to the 28 and the ORIGINAL price of the adult ticket is $32.00.

To find the price of the children's tickets, start with subtracting $28 (this is the price of the adult ticket) from the total of $76 (this is the total number of all the tickets combined).

76 - 28 = 48

Now divide that by 2

48/2 = 24$

So it was $24 per child

What is mZDAR in circle A?
R
B
340
D
B
A
A 56°
B 340
C 68°
D 170

Answers

Answer:

68°

Step-by-step explanation:

Since, angle subtended on the circumference of the circle is half angle subtended on the center of the circle.

[tex] \therefore m\angle DBR = \frac{1}{2} \times m\angle DAR\\\\

\therefore 34\degree = \frac{1}{2} \times m\angle DAR\\\\

\therefore 34\degree \times 2= m\angle DAR\\\\

\therefore 68\degree = m\angle DAR\\\\

\therefore m\angle DAR=68\degree[/tex]

Whoever does will get brainiest. And extra points
A person can walk at a rate of 2 ½ miles per hour. How long would it take the person to walk 10 miles? *
1 point
15 minutes
4 hours
10 hours
25 hours
2. A certain map uses a scale of 1 inch equals 25 miles. How many miles are represented by 5 inches on this map? *
1 point
5
25
50
125
3. A company makes 5 blue cars for every 3 white cars it makes. If the company makes 15 white cars in one day, how many blue cars will it make? *
1 point
9
13
17
25
4. Miranda enlarged a picture proportionally. Her original picture is 4cm wide and 6 cm long. If the new, larger picture is 10 cm wide, what is its length? *
1 point
8 cm
12 cm
15 cm
20 cm
5. The practice range at a golf course charges $4.00 for a bucket of 40 golf balls. At this rate, how much will a bucket of 100 golf balls cost? *
1 point
$10.00
$10.50
$13.50
$16.00
6. A model of a park was built on a scale of 1.5 cm to 50 m. If the distance between two trees in the park is 150m, what is this distance on the model? *
1 point
0.5 cm
4.5 cm
75 cm
225 cm
7. Jerry read a 200 page book in 10 hours. At that rate, how long will it take him to read a 320 page book? *
1 point
16 hours
18 hours
24 hours
32 hours

Answers

1.) 4hours 2.) 125 3.) 25 4.) 12cm 5.) $10.00 6.) 4.5 cm 7.) 16 hours

Order these numbers least to greatest 5/3,1,12/6

Answers

Answer:

1,5/3,3 that the answers

GUYS, I GOTM 1MILLIO0N DOLARS IN THE STOCK MAARKAT HOW MUCH IS 1 MILLION DOLLARS IN NE GOTIABLE US CUERENCY CONVERTED TO RUSSIAN RUBELS????/// PLS ILL GIV BRANLEST!11

Answers

Hi! I believe your answer is 77,435,300.00 Russian Rubles, which is equivalent to 1,000,000 U.S. dollars. I hope this helps you! Good luck and have a great day. ❤️✨

Answer:

76,922,200.00 RUB

Step-by-step explanation:

wow how in the heck did you do that 0-o your rich dude pls explain how u did it T-T

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