Mathematics, 15.04.2020 01:37 aaron0828

An initial investment of $1000 is deposited in an account with a 1.2%
interest rate, compounded annually. In how many years will the
account reach $1500?

Answers: 1

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Answers

34 years will the account reach $1500, if An initial investment of $1000 is deposited in an account with a 1.2% interest rate, compounded annually.

Step-by-step explanation:

The given is,

Initial investment of $1000

Interest rate 1.2%, compounded annually

Future amount $1500

Step:1

Formula to calculate the future amount with an interest rate of compounded annually,

$F=P(1+\frac{r}{n} )^{nt}$ ............................(1)

Where,

F - Future worth amount

P - Initial investment

r - Rate of interest

n - No.of compounding in a year

t - No.of years

From given,

F = $1500

P = $1000

r = 1.2%

n = 1 (compounded annually)

Equation (1) becomes,

$1500=1000(1+\frac{0.012}{1} )^{(1)(t)}$

$\frac{1500}{1000} =(1+\frac{0.012}{1} )^{(t)}$

$1.5 =(1+\frac{0.012}{1} )^{(t)}$

$1.5 =(1+0.012 )^{(t)}$

$1.5 =(1.012 )^{(t)}$

Take log on both sides,

log 1.5 = {(t)} log (1.012 )

Substitutes log values,

0.17609126 =( t ) 0.0051805

$t = \frac{0.17609126}{0.0051805}$

t = 33.99

t ≅ 34 years

Result:

34 years will the account reach $1500, if An initial investment of $1000 is deposited in an account with a 1.2% interest rate, compounded annually.

Answer from: Quest

first one

step-by-step explanation:

Nine people are going to share a 128-ounces bottle of soda. how many ounces will each person get dri

Answer from: Quest

g = (2, 2)

step-by-step explanation:

given the ratio is 1 : 1 then f is the midpoint of eg

let the coordinates of g = (x, y)

using the midpoint formula

$\frac{1}{2}$ (0 + x) = 1 ( multiply both sides by 2 )

0 + x = 2 ⇒ x = 2

similarly

$\frac{1}{2}$ (4 + y) = 3 ( multiply both sides by 2 )

4 + y = 6 ( subtract 4 from both sides )

y = 2

coordinates of g = (2, 2)

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