Anthony invested $36,000 in an account paying an interest rate of 5.3% compounded
quarterly. Assuming no deposits or withdrawals are made, how long would it take, to
the nearest year, for the value of the account to reach $51,800?

Answers

Answer 1

Answer:

3.8 months

Step-by-step explanation:

Question: Anthony invested $36,000 in an account paying an interest rate of 5.3% compounded

quarterly. Assuming no deposits or withdrawals are made, how long would it take, to

the nearest year, for the value of the account to reach $51,800?

First step! What is 5.3% of 36k?

1,908

Second Step! Divide

51,800/1,908= 27.1488469602

Third Step! Round

27.1488469602= 27.1

27.1 weeks.

7 weeks in a month.

12 months in a year.

27.1/7= 3.8

3.8 months

Answer 2

The number of years for the amount of compound interest to reach $51,800 is given by b = 7 years

What is Compound Interest?

Compound interest is interest based on the initial principle plus all prior periods' accumulated interest. The power of compound interest is the ability to generate "interest on interest." Interest can be added at any time, from continuously to daily to annually.

The formula for calculating Compound Interest is

A = P ( 1 + r/n )ⁿᵇ

where A = Final Amount

P = Principal

r = rate of interest

n = number of times interest is applied

b = number of time periods elapsed

Given data ,

Let the number years be represented as b

where the amount after b years is = $ 51,800

The initial principal amount P = $ 36,000

The number of times the compound interest is applied = quarterly = 4

Now , the equation is

A = P ( 1 + r/n )ⁿᵇ

On solving for the number of years b , we get

b = ln ( A / P ) / n [ ln ( 1 + r/n ) ]

b = ln ( 51,800.00 / 36,000.00 ) / ( 4 × [ ln ( 1 + 0.053/4 ) ] )

On further simplification , we get

b = ln ( 51,800.00 / 36,000.00 ) / ( 4 × [ ln (1 + 0.01325 ) ] )

b = 6.911 years

On rounding to the nearest year , we get

b = 7 years

Therefore , the value of b is 7 years

Hence , the number of years is 7 years

To learn more about compound interest click :

https://brainly.com/question/21270833

#SPJ2


Related Questions

i’m a little bit confused for this one i just need to know what doesn’t belong

Answers

Answer:

C

Step-by-step explanation:

there is no other line

No Solutions
One Solution
Many Solutions
-4x+5y=7
8x-10y=-15

Answers

Answer:

No solutions

Step-by-step explanation:

The line -4x+5y=7 and 8x-10y=15 have the same slope, so they are parallel, meaning that there are no solutions

Find the equation of the line.
Use exact numbers.

Answers

Answer:

[tex]y = \frac{3}{6}x - 3[/tex]

PLEASE HELPPP
Which is a set of collinear points?

Two lines intersect at point H. One line goes through points L and J. The other line goes through points G, I, and K.
A. G, H, I
B. L, H, I
C. G, H, J
D. G, I, J

Answers

Answer:

A g, h, i

Step-by-step explanation

A set of collinear points all lie on the same line

Answer:

sf

Step-by-step explanation:

sf

a. What is the minimum value taken by the
expression (x – 4)2 + 6?

Answers

Answer:

2x-2

Step-by-step explanation:

Answer:

Minimum value = 6

Step-by-step explanation:

giving brainliest
Find the area of the composite figure below.

Answers

810 because multiplying it all adds up to 810

pllllllllllllllllllllllllllllllssssssssssssssssssssssssssssssss helppp ASAP

Answers

Answer: substitution

Step-by-step explanation:

Substitute 3 in for x for all equations.

3(3)+4 = 13

8(3)-1 = 23

3(3)+4 =13

Add all of the sides together to find the perimeter

13+23+13 =49

Hi my name is jase and i need some help on my math homework the question is Kevin is planting 15 bushes and 9 trees in rows. If he wants all the rows to be exactly the same, with no plants left over, what is the greatest number of rows Kevin can plant?

Answers

3 rows of 5 bushes and 3 bushes :)

A rocket travels in a trajectory given by the equation s = -4.9t 2 + v0t, where s is meters above ground, t is time in seconds and v0 is the initial velocity.

If the intial velocity is 49 m/sec, after how many seconds will the rocket reach its maximum height?

a. 5
b. 15
c. 10

Answers

C. Is your answer
Have any more questions? Please add in the comments
-Josh-

The diameter of a circle is 15 m. Find the circumference \textit{to the nearest tenth}to the nearest tenth.

Answers

Given that, the diameter of the circle 15 m. The circumference of a circle is 2πr. Then the circumference of the circle with the given diameter is 47.1  m.

What is circumference of a circle?

Circumference of a circle is also called its perimeter and it describes the overall area of the surrounding circular path. The distance round a circle is its circumference, but this cannot be used as a definition if, as in many elementary treatments, distance is defined in terms of straight lines.

In these conditions, the limit of the perimeters of inscribed regular polygons may be described as the circumference of a circle as the number of sides increases without constraint.  When describing abstract geometric forms as well as measuring real-world things, the term circumference is frequently used.

It is given that, the diameter of the circle = 15 m

radius r  = diameter/ 2 = 15 m/ 2 = 7.5 m

circumference of circle = 2 π r

                                       = 2 × 3.14 × 7.5 m

                                       = 47.1 m

To find more on circumference, refer here:

https://brainly.com/question/28757341

#SPJ5

41% of 768.92m
Give your answer rounded to 2 DP.

Answers

Answer:

315.26

Step-by-step explanation:

41% of 768.92 = 315.2572

Round to 2 d.p. = 315.26

Answer-315.26 is the answer to this question

Calculate the length of the altitude (h) of the rhombus

Answers

Answer:

h = 15

Step-by-step explanation:

Use Pythagorean Theorem to solve for h.

a² + b² = c²

8² + h² = 17²

64 + h² = 289

h² = 225

h = 15


Jessica's shop sells 7 quarts of ice cream each day. How much is this in pints?

Answers

Answer:

14

Step-by-step explanation:

a pint is 1/2 of a quart so to find the number of pints multiply the number of quarts by two

The graph shows the volume of oil (L litres) in a tank at time t seconds. a)find the gradient of the graph b)explain what this gradient represents. the graph intersects the volume axis at L=2 c)explain what this value represents

Answers

Answer/Step-by-step explanation:

a. Using two points on the line (0, 2) and (4, 12), find the gradient:

Gradient = ∆y/∆x = (12 - 2) / (4 - 0) = 10/4 = 2.5

Gradient = 2.5

b. The gradient, 2.5, represents the unit rate. That is, the volume of the oil in the tank per second.

i.e. 2.5 litres per second

c. The value, L = 2 represents the y-intercept, which is the starting value or initial volume of oil in the tank at 0 secs.

Solve each system by substitution. − 7x + 2y = − 19
2y − 21 = x

Answers

Answer: the first one is x=19/7+2y/7

the second one is y=x/2+21/2

hope this help :)

Here is the step by step explanation
Hope this helps
Leave a like and brainliest!

Plsss help guys
Ill give brainly points to who ever answers this question plsss

Answers

I need points sorry!!!

the sum of the square of two consecutive positive integers is 85. Write a quadratic equation​

Answers

Answer:

2x^2 + 2x - 83 = 0

Step-by-step explanation:

Consecutive integers differ by 1

Let the first number be x

The next will be (x+1)

The sum of the squares of these two numbers is 85

so we have;

x^2 + (x + 1)^2 =85

= x^2 + x^2 + 2x + 2 = 85

2x^2 + 2x + 2-85 = 0

2x^2 + 2x - 83 = 0

The class was given a test that had a total of 125 points possible. A student then earned an 84% on the test. What are the total points that this student earned, out of the possible 125 points?
Help me please!!

Answers

Answer:

Step-by-step explanation:

84/100 = x/125

x = 105 points

Pls help Pls help Pls help Pls help Pls help ILL GIVE BRAINLIEST

Answers

Answer:

I cant see the picture it blocked for some reason probally my pc.

Step-by-step explanation:

Simplify.

9 + 8 + 3x

17 + 3 x
9 + 11 x
20 + x
20 x

Answers

Answer:

17+3x

that is the answer

Answer:

17 + 3x

Step-by-step explanation:

9 + 8 + 3x

=17 + 3x

because the 3 contain a valuable x that why it is add to the 17

Simplify the expression

Answers

Answer:
x^35

Explanation:
5 x 7 = 35

Answer:

x12

Step-by-step explanation:

(x*x*x*x*x) *(x*x*x*x*x*x)

NOBODY RESPONDED ON MY LAST QUESTIONS BUT I NEED HELP!!!!

Answers

Answer:

Step-by-step explanation:

4a:(3)

4b: d=don dx3=

Hi, can someone help me with my math homework? I just need help with number C.

Answers

Answer:

She left, 875

Step-by-step explanation:

She are 3/4 of berries then She left 1/4 to jelly

[tex] \frac{1}{4} \times 3.5 = .875[/tex]

If you need any explanation in it or anything on math you can communicate with me on Whats on this number +201557831028 or in email or face or anything

Answer:

total pints= 7/2

Ate 3/4 of 7/2 which is 3/4×7/2 = 21/8

left 1/4 of 7/2 which is 1/4×7/2 = 7/8

answer= 7/8

Find the angle which is equal to its supplement. ​

Answers

Answer:

the angle which is equal to its supplement is 90 degree

Solve for x. Round to the nearest tenth.​

Answers

Answer:

Hope that answers your question

The volume of the rectangular prism is 295.68 in. What is its width?
6.4 in.
11 in.

Answers

Answer: 4.2 in³

Step-by-step explanation: We already know the Height, Length, and he volume, but we don't know the width. To find the width:

1. Find the values. 295.68, 6.4, and 11 are all the values.

2. Multiply the Length and Height.

6.4 × 11 = 70.4

3. Calculate the Width by dividing the volume by the product of the length and height

295.68 ÷ 70.4 = 4.2

Hence, 4.2in³ is the missing width.

Let me know if you have any questions.

~ Lily, from Brainly.

Multiply (x+9)2 need help ASAP​

Answers

Answer:

2+18

Step-by-step explanation:

(x + 9)2      distribute 2 · x = 2x and 9 · 2 = 18.

2x + 18, is the answer.

If you have any further question, please reach out to me :)

What is the difference in length between the longest meteor and the shortest meteor?

Thanks! Hope your right! Hope you have a great day

Answers

1 5/8
1 7/8 - 2/8= 8+7/8 - 2/8= 15/8 - 2/8= 13/8=
1 5/8 is the answer

Given the first term and the common ratio of a geometric
sequence find the first five terms and the explicit formula.
a1 = - 4, r = 6

Answers

Answer:

331776

Step-by-step explanation:

The formula for geometric

sequence is given below

ar^n-1

Where a= first term, r= common ratio

From the question, a1 = - 4, r = 6 , n= 5

Then if we substitute, we have

ar^n-1

5th term= ar^n-1

= (-4×6)^(5-1)

=-24 ^ 4

=331776

Hence, the first five terms is =331776

The formula is 5th term= ar^(5-1)

A company plans to ship 2,000 packages of chocolate. The company randomly selects 100 packages and finds that five packages have an incorrect weight.

Based on this data, how many packages out of the 2,000 should be predicted to have an incorrect weight?​

Answers

Answer: 100 have an incorrect weight

Step-by-step explanation:

You divide 2,000 by 100 than multiply by 5

Answer: it would be 100

Step-by-step explanation: I took the test and got it right

Other Questions
HELP! I NEED THE TWO EQUATIONS AND THE COST OF ONE PACKAGE OF BROWNIES AND ONE PACKAGE OF CUPCAKESFranco went to a bakery to buy desserts. A package of brownies costs $0.75 more than a package of cupcakes. Franco bought 2 packages of cupcakes and 4 packages of brownies for $24. Write a system of equations and solve it to find the price of one package of brownies and one package of cupcakes.I WILL MARK BRANLIEST Henry constructed circle A with a radius of 4 units. He then created a sectoras shown in the figure below. Which of the following expressions would helphim find the area of the shaded sector? What was a main purpose of the mission system? A. to convert American Indians to Christianity B. to convert Spanish colonists to Protestantism C. to convert Spanish colonists to Catholicism D. to convert American Indians to Puritanism which supreme court case decision impacted the author of this excerpt and who was the lawyer of the court case The table shows the relationship between r and s, where s is the independent variable. Which equation represents the relationship between r and s? When an object is raised vertically, work is done against __________. What one word completes the sentence? please help quickly!! The product of two rational numbers: how to say in spanish:i like to play board games with my family after schoolRemember:You use the indirect object pronouns with the verb gustar. good morning yall just wanted to tell yall i love you and i hope yall had a great week and have a good weekend:) List the area of each shape on the lines below. Then list the shapes in order from greatest to least. PLEASE HELPABCD Is this correct?????? Name two sources of cholesterol in the human body According to Cell Description #1, which of the following statements is true of the plasma membrane? A. It keeps the cell healthy. B. It is the cell's most important part. C. It blocks sunlight from entering the cell. D. It is not necessary for the cells survival. Which graph shows a dilation? 4Shape A can be transformed to shape B bya reflection in the x-axis followed by a65translation43Find the value of c and the value of d.2+C=(2)-4-5-2a-3- 12435XBd =(1)2-34-6.Total marks: 3Type here to searchR: Use long division to divide 12x3 - 11x + 9x + 16 by4x + 3 1) Heather writes a number that shows 30 parts of 100. Select all that could be Heather's number. 0 0.30 3/100 30/10 0.3 30/100 ! This is a required question paraphrase sonnet 30. Describe the speakers thoughts in your own words. what is the name of the american pilot that got caught and convicted for spying by the soviets?