Ashton wants to invest $9,000.00 in a savings account that pays 4.74% simple interest. How long will it take for this investment to reach a value of $12,400.00? Round your answer to the nearest tenth of a year. It will take years for the investment to reach a value of $12,400.00.

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A: Find the payout of Bank A We have P = $10000, r = 5% = 0.05, t = 3

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A: Explained below

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A: This problem is solved using PMT rule.

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A: NOTE: Refresh your page if you can't see any equations. . here we have  PMT=500 r=4%=0.04 n=12 for…

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Q: Margo borrows $1100, agreeing to pay it back with 5% annual interest after 16 months. How much…

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A: We will find the solution in the following step.

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A: Given the Rate of Interest (R)=3% p.a Time (t) = 10 months = 0.833 years We know that S.I=PTR100 and…

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A: Thanks for the question :)And your upvote will be really appreciable ;)

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A: We can make it easier for you.

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Q: A total of $20,000 is invested in two corporate bonds that pay 3.5% and 5% simple interest. The…

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Q: In 1980, direct U.S. business investment abroad was about 13.5 billion dollars. From 1980 through…

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Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.