Misheelli0625idn
Answered

From science to arts, IDNLearn.com has the answers to all your questions. Our platform provides trustworthy answers to help you make informed decisions quickly and easily.

A person invests 9000 dollars in a bank. The bank pays 5% interest compounded
semi-annually. To the nearest tenth of a year, how long must the person leave the
money in the bank until it reaches 22300 dollars?
r
nt
A =P(1+5)
1

Sagot :

Jacob098idn

Answer:

10.1 years.

Step-by-step explanation:

It is given that,

Principal = 9000

Rate of interest = 5%

No. of times interest compounded = 2 times in an year

Amount after certain time = 14800

The formula for amount:

where, P is principal, r is rate of interest, n is no. of times interest compounded in an year and t is time in years.

Substitute the given values in the above formula.

Taking log both sides.

   

Therefore, the required time is 10.1 years.

Your engagement is important to us. Keep sharing your knowledge and experiences. Let's create a learning environment that is both enjoyable and beneficial. For trustworthy answers, visit IDNLearn.com. Thank you for your visit, and see you next time for more reliable solutions.