Lydia invested $8,300 in an account paying an interest rate of 2.2% compounded
daily. Assuming no deposits or withdrawals are made, how long would it take, to the
nearest tenth of a year, for the value of the account to reach $12,690?

Answers

Answer 1

Number of years taken to reach the amount of $12,690 is 5 days,

What is Compound interest?

Compound interest is the interest which is calculated on both the initial principal and the accumulated interest from previous periods. It can be easily understood as interest on interest.

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

Principal amount invested by Lydia = $8,300

Rate of compound interest per day =2.2%

To find the number of years that have taken to reach the amount value of $12,690 .

By using compound interest formula,

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

[tex]12690 = 8300(1+ \frac{2.2}{365})^(365*t)[/tex]

[tex]\frac{12690}{8300}=(1.000060274)^{365*t}[/tex]

Taking log on both sides, we get,

log(1.5289156627) =365*t log(1.000060274)

log(1.5289156627)/log(1.000060274)= 365*t/log(1.000060274)⇒

0.184383 - 0.00002618= 365*t

⇒1843.5 =365*t

⇒t=5 days.

Hence, number of years taken to reach the amount of $12,690 is 5 days,

Learn more about compound interest here:

https://brainly.com/question/3989769

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Related Questions

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Answers

Answer:

24

Step-by-step explanation:

that is what   thinkof ur answer

Answer:

Height=61 feet

Step-by-step explanation:

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Jenna painted l 1/8 of one side of a fence. Mark 3 one the other side of the same sex use greater equal or less to compare of the parts that they painted.

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Answer:

?????

Step-by-step explanation:

42 -3²= 2x
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The answer is 17.5 and your question is a little messy

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Answer:

Step-by-step explanation: C %100

Answer:

I believe it is d but don't quote me on it

Michael deposits $900 in a savings account
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Answers

Answer:

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Step-by-step explanation:

1084.10 is the correct answer for this

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Answers

Answer:

It would be very hard to graph this equation correctly as without factoring both the numerator and denominator it would be hard to account for all of the information.

x2−5x+6x2−2x−3x−6(x−2)(x−3)

Step-by-step explanation:

Answer:

Step-by-step explanation:

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Answers

Answer:

13 + 24 = 37 the answer is 24

Step-by-step explanation:

Answer: 24

Step-by-step explanation: 37-13= 24

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Answers

10 ft because when you add the sides when squared 36+64 = 100 and the square root of that is 10
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Answers

Answer:

-2

Step-by-step explanation:

6 = w - 56 / -7
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Just to confirm, I’m reading the right side as a fraction with w - 56 as the numerator and -7 as the denominator.

Multiply both sides by -7:
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Add 56 to both sides:
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Substitute back in to check:
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Answers

b^2+4
3^2+4
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Answer:

13

Step-by-step explanation:

replace b with 3 and solve:

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Answers

Answer:

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Step-by-step explanation:

Jim is planning to take some classes at the community college. Tuition is $110 per credit,
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Answers

Make an equation
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Solution: 9 credits

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Answers

Answer:

the answer is A.y=4x+7

Step-by-step explanation:

Line M is parallel to the line L, so the equation for line M isy=4x+b

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Answers

I think the answer is 2/4 sorry if I’m wrong
2/4 is correct, but they are probably looking for 1/2

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Answers

Answer:

7/4 +1/6 +X=15/2

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5.58333

Step-by-step explanation:

Answer:

6 4/12

Step-by-step explanation:

1 3/ 12+ 1/12 + 6 2/12 = 7 6/12 or 7 1/2

plz help me brainlest for first person to answer

Answers

Step-by-step explanation:

Given

Radius (r) = 3 inch

Circumference

= 2πr

= 2 * 3.14 * 3

= 18.84 inch

Now

Area

= π r²

= 3.14 * 3 ²

= 3.14 * 9

= 28.26 inch²

Hope it will help :)

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Answers

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Step-by-step explanation:

Look at this sequence starting with the FIRST TERM:
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Answers

Answer:

B.Arithmetic

Step-by-step explanation:

because the terms have a first common difference

the rate of change is 4

About how many classmates was Marco able to interview in the beginning of the week

Answers

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Answers

Answer:

14,-3

Step-by-step explanation:

Answer:

14, -3

Step-by-step explanation:

I got it right edg 2023

A car manufacturer produced 5.000 cars for a limited edition model Dealers sold all of these cars at mean price of $36,000 with a standard deviation of $3,000. Suppose we were to take random samples of 9 of these cars and calculate the sample mean price for each sample. Calculate the mean and standard deviation of the sampling distribution of .

Answers

Answer: Mean = $36,000 and standard deviation = $1000.

Step-by-step explanation:

The mean and the standard deviation of the sampling distribution of the sample mean:

[tex]Mean=\mu\\\\Standard\ deviation = \dfrac{\sigma}{\sqrt{n}}[/tex] , where n =sample size.

Here, we are given

[tex]\mu=\$36000,\ \ \sigma=\$3,000[/tex]

n= 9

Then, the mean and the standard deviation of the sampling distribution of the sample mean:

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Hence, Mean = $36,000 and standard deviation = $1000.

# 1 What is the area of the trapezoid
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Answers

Answer:

24.5 inches

Step-by-step explanation:

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Masha bought 24 snickers, 56 kit kats and 96 twixies to make identical goody bags with the same number of snickers twixies and kit kats. What is the largest number of identical goody bags masha can make if she wants to use all the candies

Answers

Answer:

it is 24

Step-by-step explanation:

what is 12 more than m

Answers

What? You’ve got a picture or something?

PLEASE HELP ILL GIVE BRAINLIEST AND SO MUCH MORE!!!!
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Answers

Answer:

60 degrees

Step-by-step explanation:

90 digress minus 30 degrees will be 60 degrees

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Answers

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A local park is renting canoes. Canoe rental costs $4.75 per hour. If you want to spend $9.50, how
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Help

Answers

Answer:

I would say 2 hours

. Find all values of x that will make ∠A an obtuse angle given
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Answers

Answer:

(8, 15]

Step-by-step explanation:

If ∠A is bigger than 90 then that means 12x-6 > 90

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Answers

Answer:

(24x - 48y + 10) / 26 = a

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The residents of a city voted on whether to raise property taxes. The ratio of yes votes to no votes was 3 to 2. If there were 1833 yes votes, what was the total
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Answers

Answer: 1,222

Step-by-step explanation:

I would set this up as a fraction

3/2=1833/x

I would divide 1833 by 3 to see what the multiple is that would be used to find the equivalent fraction. Then multiply that number by 2 to solve for x.

Another option is to cross multiply

3x=2(1833)

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Divide 3x by 3 to get x alone

Divide 3666 by 3 to get answer

1222

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