Dwight is saving up money for a down payment on a car. He currently has $3334, but knows he can get a loan at a lower interest rate if he can put down $4033. If he invests the $3334 in an account that earns 3.6% annually, compounded monthly, how long will it take Dwight to accumulate the $4033? Round your answer to two decimal places, if necessary.

Q: Gabriel invested $17,000 in an account paying an interest rate of 3% compounded annually. Assuming…

A: It is compound interest problem for calculating time period.

Q: A newborn child receives a $15,000 gift toward a college education from her grandparents. How much…

A: The gift amount receieved, P=$15000

Q: Abigail wants to save $15,000 to buy a car in 7 years. If she deposits $10,000 into an account that…

A: Topic- compund intrest

Q: Jerome will be buying a used car for $15,000 in 3 years. How much money should he ask his parents…

A: Given, Future value  A=$15,000           Interest r=0.05           Time t=3 To find the Present…

Q: Justin wants to buy a bond that will mature to $6000 in eight years. How much should he pay for the…

A: topic - exponential function

Q: Two years ago, Scott borrowed $10,000 from his sister to start a business. He agreed to pay her at…

A:

Q: Alfred is saving up money for a down payment on a house. He currently has $⁢4462, but knows he can…

A:

Q: A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 12%…

A:

Q: Lily is going to invest $750 and leave it in an account for 18 years. Assuming the interest is…

A:

Q: Jerry plans to do his master degree in six years, which will cost him $30,000.00. If his investment…

A:

Q: A couple needs $50,000 as a down payment for a home. If they invest the $35,000 they have at 4%…

A:

Q: Tom wants to have $6000 in three years .at 4.75% interest compounded monthly how much does he need…

A: used formula : A=P(1+ r/n )nt   where A=final amount  P=principal or initial amount r=annual…

Q: Oliver invested $970 in an account paying an interest rate of 7 1/2% compounded continuously. Carson…

A:

Q: An artist currently has $840,000 to invest and her goal is to use these resources to acquire a $1.5…

A: From the given information, it is observed that P = $840,000, t = 6 and A = $1,500,000. Here, the…

Q: Pamela invests $16,300 in a savings account for which interest is compounded monthly, and if the…

A:

Q: Annabel is saving up money for a down payment on a townhouse. She currently has $3238, but knows she…

A: The present value of the investment PV=$3238 The standard interest rate r=5.3% annually  Future…

Q: Barbara knows that she will need to buy a new car in 4 years. The car will cost $15,000 by then. How…

A: We know the formula for final compounded value                   Pt=P01+r100t Here it is given…

Q: Fiona plans on buying a new car worth $10000 in 6 years. To do so, she makes monthly deposits (of…

A: Given data fiona plans on buying a new car worth $10000 in 6 years and she deposits monthly in an…

Q: · A local car wash charges $3 per wash, or one can pay $12.98 for 5 washes, payable in advance with…

A: 5) A local car wash charges $3 per wash. One can pay $12.98 for 5 washes which are payable in…

Q: How much money would be in an account after 5 years that pays 3% interest, compounded quarterly (4…

A:

Q: Jen wants to have $21,000 in 10 years. Calculate how much she should invest now at 6% interest,…

A: When the interest is compounded, then the formula used is A=P1+rnnt , where, A is the final amount,…

Q: Jackson invested $4,200 in an account paying an interest rate of 9 1/2 % compounded continuously.…

A: Jackson invested $4,200 in an account paying an interest rate of 9 1/2 % compounded continuously.…

Q: n wants to buy a new sports car, and he estimates that he'll need to make a $4,550.00 down payment…

A: The amount invested to buy a new sports car is given by, A=Pert Here, A=amount invested is $4550.…

Q: Jocelyn invested $56,000 in an account paying an interest rate of 7% compounded continuously. Oliver…

A:

Q: Damon is saving up money for a down payment on a car. He currently has $4430$⁢4430, but knows he can…

A: Given: P=$4430A=$5339r=5.2%=0.052n=12

Q: Laurie has $2,500 in an investment account. What annually compounded interest rate would she need to…

A:

Q: Jerome will be buying a used car for ​$9,000 in 3 years. How much money should he ask his parents…

A: Use compound interest formula.

Q: A couple needs $23,274.65 as a down payment for a home. If they invested the $10,000 that they have…

A:

Q: Kayla is going to invest in an account paying an interest rate of 2.9% compounded monthly. How much…

A: We know the compound interest formula:A=P1+rnntwhere A= Total amount         P=Principle amount…

Q: Andrew is saving up money for a down payment on a car. He currently has $5747, but knows he can get…

A:

Q: John wants to buy a new sports car, and he estimates that he'll need to make a $4,550.00 down…

A:

Q: mr. Gordon plans to invest $300 at the end of each month in an account that pays 12%, compounded…

A: We use annuity formula.

Q: Mike and Terri estimate that they want to buy a house for $174,000.00, and they need to make a down…

A: Given data:   The given cost of a house is C=$174,000.00. The given percentage of the down payment…

Q: Lydia is going to invest $210 and leave it in an account for 17 years. Assuming the interest is…

A:

Q: A principal of  $4300  is invested at  4.5%  interest, compounded annually. How much will the…

A: In Compound Interest Amount of principal (P) after 'n' years @ 'r' rate of interest will be A =…

Q: Barbara knows that she will need to buy a new car in 6 years. The car will cost​ $15,000 by then.…

A:

Q: Damon is saving up money for a down payment on a car. He currently has $4430, but knows he can get a…

A: Formula for compound interest is ,A=P1+rnntA=Final amountP=Principal amountr=interest raten=number…

Q: Jerome will be buying a used car for $6,000 in 3 years. How much money should he ask his parents for…

A: Compounding continuously formula:

Q: Dylan invested $4,400 in an account paying an interest rate of 9 1/8% compounded continuously. Anna…

A:

Q: John wants to have $40,000 in cash four years from now in order to pay for part of his mortgage on…

A:

Q: Jerome will be buying a used car for $7,000 in 2 years. How much money should he ask his parents for…

A: Given:

Q: Jim places $1000 in a bank account that pays 5.6% compounded continuously. After 1 year, will he…

A: compounded continuouslyA=P ertcompound interestA=P1+rnnt

Q: Nancy wants to invest $4000 in saving certificates that bear an interest rate of 9.75% per year,…

A: Given: Nancy wants to invest $4000 in saving certificates that bear an invest rateof 9.75% per year,…

Q: Joshua invested $99,000 in an account paying an interest rate of 4,% compounded continuously.…

A: Given Joshua invested $99,000 in an account paying an interest rate of 412% compounded continously…

Q: A couple needs $60,000 as a down payment for a home. If they invest the $45,000 they have at 4%…

A:

Q: A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 12%…

A: Given: A couple needs $55000 as a down payment foe a home , Therefore, A=55000 is the future value,…

Q: A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 8%…

A: From the given statement it is observed that, the investment of $40,000 at 8% compounded quarterly…

Q: Douglas is saving up money for a down payment on a condominium. He currently has $3156 but knows he…

A: Douglas invests the $⁢3156 in an account that earns 5% annually, compounded quarterly, it take…

Q: A couple needs $55,000 as a down payment for a home. If they invest the $40,000 they have at 12%…

A: THE COMPOUND INTEREST FORMULA Compound interest can be calculated using the formula…

Q: Suppose Kylie has an account that will grow to $423,000.00 in 22 years. It grows at 4.9% annual…

A: We have to find the additional monthly contribution to meet the goal.