Suppose that $3000 is placed in a savings account at an annual rate of 3.6%, compounded monthly. Assuming that no withdrawals are made, how long will it take for the account to grow to $4500? Do not round any intermediate computations, and round your answer to the nearest hundredth.

Answers

Answer 1

Using compound interest, it is found that it will take 11.28 years for the the account to grow to $4500.

The compound interest formula is given by:

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

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.

t is the time in years for which the money is invested or borrowed.

In this problem:

$3000 is placed in the account, thus [tex]P = 3000[/tex].Interest rate of 3.6%, thus [tex]r = 0.036[/tex].Monthly compounding, thus [tex]n = 12[/tex].

We have to solve for t when [tex]A(t) = 4500[/tex], thus:

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

[tex]4500 = 3000(1 + \frac{0.036}{12})^{12t}[/tex]

[tex](1.003)^{12t} = 1.5[/tex]

[tex]\log{(1.003)^{12t}} = \log{1.5}[/tex]

[tex]12t\log{1.003} = \log{1.5}[/tex]

[tex]t = \frac{\log{1.5}}{12\log{1.003}}[/tex]

[tex]t = 11.28[/tex]

It will take 11.28 years for the the account to grow to $4500.

A similar problem is given at https://brainly.com/question/24507395


Related Questions

a bottle holds 80 fluid ounces of lemonade. how much is this in pints

Answers

Answer: 5 pints

Step-by-step explanation:

divide the volume value by 16

so 80 divided by 16.

Can someone do these two for me please?

Answers

Answer:

3) 2

4) Water's Edge Rafts

Step-by-step explanation:

3) Rate of change is nothing but the slope

Slope formula : y2 - y1 / x2 - x1

13 - 11 / 2 - 1

2/1

2

Rate of change = 2

4) Rate of change : y2 - y1 / x2 - x1

Water's Edge Rafts

36 - 6 / 6 - 1

30/5

6

Water's Edge Rafts' Rate of change = 6

Ryan's Rafts

17.25 - 15.00 / 2 - 1

2.25/1

2.25

Ryan's Rafts' Rate of change = 2.25

6>2.25

So, Water's Edge Rafts' has the highest rate of change

Answer:

2 for # 3

2.25 for # 4

Step-by-step explanation:

15-11/3-1

=2

(19.50-15)/(3-1)

2.25

Which of the following statements is true?

Answers

Answer:

lol what

Step-by-step explanation:

i dont get it xD

Where is the question??

I mean,Where is the options?

can you tell me pls..I will answer it correctly ❤️

Have a good day!

This is a statistics question.
Find the sample mean, median, and mode
10 21 32 30 31 258 18 23 25

Answers

Answer:

Mean: 49.78

Median: 25

Mode: There is no mode in this sample of values as each value appears in the sample set the same amount of times.

Find the unit rate $72 in 4 hours

Answers

Answer:

72 dollars ÷ 4

4 hours ÷ 4

=  

18 dollars

1 hour

=  

18 dollars

hour

= 18 dollars per hour

Step-by-step explanation:

Answer:

its 76 becuse 72+4=76

Step-by-step explanation:

72+4=76

Please help me I need this for tonight

Answers

C
because if you substitute 4 into x you do 4+8 thats 12
3(4) = 12
so therefore its C

Answer:

It is C because 4+8=3(4)

That's =12 =12

PLS HELPPPPPPPPPPPPPPPPPPPPPPPPP

Answers

Answer:

the answer to that I think is a or c. either one of those.

A soda company had sales of $35,107 million in 2010 and $45,992 million in 2014. Use the Midpoint Formula to estimate the sales in 2012. that the sales followed a linear pattern

Answers

Answer:

40,550

Step-by-step explanation:

40, 550 is the mod point

Which of these numbers is the greatest? No links

A. 2.3 x 10^3

B. 8.6 x 10^3

C. 1.2 x 10^4

D. 3,600

Answers

Answer:

c. 1.2 * 10^4

Answer : D. 3,600

sorry if that's wrong

What percent is represented by the shaded area?

Answers

Answer:

34%

Step-by-step explanation:

the graph is a hundred so all you have to do is count the number of squares which is 34

Write the standard form of the equation of the circle with radius r and center (h, k).

r = 2; (h, k) = (-10, 5)

Answers

Answer:

[tex](x+10)^2+(y-5)^2=4[/tex]

Step-by-step explanation:

Hi there!

Equation of a circle: [tex](x-h)^2+(y-k)^2=r^2[/tex] where [tex](h,k)[/tex] is the center of the circle and [tex]r[/tex] is the radius

Plug in the center (-10,5) and the radius 2:

[tex](x-(-10))^2+(y-5)^2=2^2\\(x+10)^2+(y-5)^2=4[/tex]

I hope this helps!

Coverte 2.75 into fraction

Answers

Answer:

2 3/4 or 11/4

Step-by-step explanation:

2.75 = 11/4 = 2 3/4 as a fraction

To convert the decimal 2.75 to a fraction, just follow these steps:

Step 1: Write down the number as a fraction of one:

2.75 = 2.75 / 1

Step 2: Multiply both top and bottom by 10 for every number after the decimal point:

As we have 2 numbers after the decimal point, we multiply both numerator and denominator by 100. So,

2.75 / 1 = (2.75 x 100)/(1 x 100) = 275/100.

Step 3: Simplify (or reduce) the above fraction by dividing both numerator and denominator by the GCD (Greatest Common Divisor) between them. In this case, GCD(275,100) = 25. So,

(275 ÷ 25)/ (100 ÷ 25) = 11/4 when reduced to the simplest form.

As the numerator is greater than the denominator, we have an IMPROPER fraction, so we can also express it as a MIXED NUMBER, thus 275 /100

is also equal to  2 3/4 when expressed as a mixed number.

How to Convert a Decimal to a Fraction - Steps

Step 1: Write down the decimal as a fraction of one (decimal/1);

Step 2: If the decimal is not a whole number, multiply both top and bottom by 10 until you get an interger at the numerator.

Step 3: Simplify (or reduce) the fraction if it is not in the simplest form.

If –7 + 13i is a root of the polynomial function f(x), which of the following must also be a root of f(x)?

Group of answer choices

7 + 13i


-7 - 13i


20i


-13i

Answers

Answer:

2nd option -7 - 13i

Step-by-step explanation:

took review

a textbook store sold a combined total of 348 history and chemistry text in week.The number of history textbooks sold was three times the number of chemistry books were sold. how many book of each type were sold.

Answers

Answer:

x=87, y=261

Step-by-step explanation:

x+y=348 and 3x=y

plug 3x in for y.  

x+(3x)=348

4x=348

x=87

plug x in to solve for y.

3(87)=y

y=261

multiply 6.23 and 2.8 the product is_________ (with solution please)

Answers

Step-by-step explanation:

please mark me as brainlest

help plz its so hard and im giving brainly and 20 points

Answers

Answer:

The answer is 5.

Step-by-step explanation:

10 ÷ 2 = 5.

Answer:

5

Step-by-step explanation:

If you want to divide ten blocks into two groups just imagine you split all of the blocks evenly, so you have ten and to have an equal amount of blocks on two sides you will put five on each side, then your answer is five because you are able now to equally divide them into two groups.

Hope it helps bai!

Happy Halloween if you celebrate it!

:- State the property involved in the statement: 96 X (123 – 11 ) = (96 X 123 ) – (96 X 11 ) a) Distributive property of multiplication for subtraction b) closer property c) Property of unity d) commutative law
please help me please help me ​

Answers

Answer:

Associative property of multiplication

Step-by-step explanation:

The word "associative" comes from "associate" or "group"; the Associative Property is the rule that refers to grouping. For addition, the rule is "a + (b + c) = (a + b) + c"; in numbers, this means 2 + (3 + 4) = (2 + 3) + 4. For multiplication, the rule is "a(bc) = (ab)c"; in numbers, this means 2(3×4) = (2×3)4.

HELPP please.....................

Answers

Answer:

a.138 degrees

b.42 degrees

Step-by-step explanation:

Which values of a, b, and c correctly complete the division?

A. a = 4, b = 5, c = 6
B. a = 1, b = 6, c = 5
C. a = 1, b = 5, c = 6
D. a = 4, b = 6, c = 5

Answers

If we compare both sides of the equation we get,

D. a = 4, b = 6 and c = 5

The line y+4=3/4(x-8) contains point (a,2). Find a.

Answers

Answer:

a = 16

Step-by-step explanation:

[tex]y + 4 = \dfrac{3}{4}(x-8)\\\\y + 4 = \dfrac{3}{4}x- \dfrac{3}{4}*8\\\\y +4 = \dfrac{3}{4}x-3*2\\\\y+4+6= \dfrac{3}{4}x \\\\y+10= \dfrac{3}{4}x[/tex]

Now plugin x = a and y =2 in the above equation,

[tex]2+10= \dfrac{3}{4}*a\\\\12= \dfrac{3}{4}a\\\\12* \dfrac{4}{3}=a\\\\a=4*4\\\\a=16[/tex]

Evaluate the expression
12 - 3 2+429,- 4) for y = 3.

Answers

Answer:

9,427) y=5

is correct answer

Find the Quadratic function model that best fits this data.

Answers

Answer:

your answer is as follows

Step-by-step explanation:

the first option fits.. I.e., y=x^2-12

pogle...
Drought conditions in Texas are causing
lake levels to drop 3 inches per day.
If it doesn't rain for a week,
then what will the level change
be at the end of the week?

Answers

Answer:

21 inches

Step-by-step explanation:

if its 3 inches everyone day, and theres 7 days a week. that would mean it would drop 21 inches

Simplify the expression

Answers

Answer:

[tex]-\frac{4}{7} -\frac{8}{7} i\sqrt{5}[/tex]

Step-by-step explanation:

To rationalize the denominator, we would have to multiply by the complex conjugate of 6 + 2i√5 which is 6 - 2i√5:

[tex]\frac{8-8i\sqrt{5} }{6+2i\sqrt{5} } *\frac{6-2i\sqrt{5} }{6-2i\sqrt{5} }[/tex]

The denominator resembles the difference of squares:

6^2 - (2i√5)^2

36 + 20

56

Next we would need to multiply the numerator, but before, notice we can factor out 8 from 8 - 8i√5:

[tex]\frac{8(1-i\sqrt{5})(6-2i\sqrt{5}) }{56}[/tex]

We can cancel that 8 with that 56 in the denominator:

[tex]\frac{6-2i\sqrt{5}-6i\sqrt{5}-10}{7}[/tex]

This simplifies to:

[tex]\frac{-4-8i\sqrt{5} }{7}[/tex]

which is the same as:

[tex]-\frac{4}{7} -\frac{8}{7} i\sqrt{5}[/tex]

Samuel was preparing for the triathlon. He did 3 activities every morning: Ran for 30 minutes, covering 4.5 miles. Swam for 20 minutes, covering 2/3 mi. biked for 45 min, covering 9 miles. What was Samuel's average speed during his morning training?
PLEASE HELP!!!

Answers

Answer:

≈ 0.15 miles per minute

Step-by-step explanation:

Speed = distance / time

Let's find total distance and time

Distance

4.5 + 2/3 + 9 = 45/10 + 2/3 + 9 = 9/2 + 2/3 + 9 = (27 +  4 + 54)/6 = 85/6

Time

30 min + 20 min + 45 min = 95 min

Average speed

85/ 6 ÷ 95 = 85/6*1/95 = 17/114 ≈ 0.15 miles per minute

Answer:

8.9474

Step-by-step explanation:

just trust me please i swear to god it is 8.9474

2(5x+4)+3x
Solve.
No spam.​

Answers

Answer:

≈13x+8

Step-by-step explanation:

Let's simplify step-by-step.

2(5x+4)+3x

Distribute:

=(2)(5x)+(2)(4)+3x

=10x+8+3x

Combine Like Terms:

=10x+8+3x

=(10x+3x)+(8)

=13x+8

[tex] \boxed {\bf Answered \: by \: subhash}[/tex]

[tex] \boxed{\bf Good \: luck \: for \: your \: assignment}[/tex]

Please answer the following questions. D Question 1 Morgan won $2,315 at a work raffle. They deposited $1898.30 into their savir What percent of their winnings did they deposit into their savings account? D Question 2​

Answers

I don’t understand the question, u must be missing information please try again

pls help i need this all my questions disappered

Answers

Here you go, good luck

How many triangles are here

Answers

Answer:

6 types of triangles?

isosceles, equilateral, scalene, obtuse, acute, and right

How many Triangles are where ?

there is no image of triangles

thus i can not tell you how many triangles there are

The question is in the picture

Answers

Answer:

1/12

Step-by-step explanation:

The spinner includes 12 numbers, 1 through 12.

The probability of getting each number is equal and is one out of 12:

P(11) = 1/12

Total digits=12

11 is 1 among them

So

P(11)

No of 11s'/total nos1/11
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