Answered: How long will it take for $3000 to grow…

How long will it take for $3000 to grow to $43000 at an interest rate of 8.1%. if the interest is round quarterly.Round the number of years to the nearest hundredth.

Intermediate Algebra

19th Edition

ISBN:9780998625720

Author:Lynn Marecek

Publisher:Lynn Marecek

Chapter10: Exponential And Logarithmic Functions

Section10.2: Evaluate And Graph Exponential Functions

Problem 10.31TI: Angela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the...

See similar textbooks

Related questions

Q: a) If a car depreciates at 15% per year, how long is it until it is worth half of its original…

A: a) Given that a car depreciates at 15% per year. To find the time when it is worth half of its…

Q: Camilla has $18,220 in a savings account. The interest rate is 5% per year and is not compounded. To…

Q: The purchase price of an acre of land in the Louisiana purchase in 1803 was about 5 cents. Suppose…

A: Given Data: The purchase year of land is: y1=1803 The present year is: y2=2016 The buying price of…

Q: If you paid $55 to a loan company for the use of $907 for 149 days, what annual rate of interest did…

A: Given query is to find rate of interest. The formula to calculate interest is I=PRT100 where P is…

Q: Tommy has $4,000 in a savings account that earns 13% interest, compounded annually. To the nearest…

Q: A new car is purchased for 22300 dollars. The value of the car depreciates at 10.25% per year. What…

A: Value of the car after 6 years

Q: If a man received P12900 from his 4-year investment, how much was invested at 3% compounded…

A: We know formula for compound interest asA=P1+rnnT

Q: Edgar accumulated $5,000 in credit card debt. If the interest rate is 20% per year and he does not…

Q: An account that’s yields 6% simple interest annually has $2,000 how much will be in the account…

Q: Simone invests $4,000 in an account that compounds interest quarterly and earns 3%. How many years…

Q: what number represents an amount being compounded annually?

Q: Rounded to the nearest quarter year, how long will it take an investment to quadruple if it earns 8%…

Q: Suppose the value of your car is decreasing by 18% per year. If your car is currently worth $20,000.…

Q: You pay off a debt of $750 by paying 19% of the remaining balance each month. How many months will…

A: Given that , Initial debt D0=$750 r=19% when Dt=450 then t=?

Q: Christine contributes $ 100 each month to her 401K account. To the nearest dollar, what will…

Q: A new car is purchased for 21100 dollars. The value of the car depreciates at 10.5% per year. What…

Q: A loan of $23,000 is made at 8% interest, compounded annually. After how many years will the amount…

Q: Eros Industries bought a laser printer for $3400. It is expected to depreciate at a rate of 12% per…

Q: Find the final amount of money in an account if $3, 300 is deposited at 2 % interest compounded…

Q: A new car is purchased for 1900o dollars. The value of the car depreciates at 11.25% per year. What…

Q: A loan of $23,000 is made at 5% interest, compounded annually. After how many years will the amount…

A: Proceed as shown below

Q: A new car is purchased for 24800 dollars. The value of the car depreciates at 12% per year. What…

Q: Mary needs $13000 for a down payment on a new tractor. If she invests her savings of $10000 in an…

A: Topic - term of loan

Q: A new car is purchased for 16200 dollars. The value of the car depreciates at 14.25% per year. What…

Q: After how many months will the account be worth $60,000

Q: 3600 dollars is placed in an account with an annual interest rate of 9%. How much will be in the…

A: Given that $3600 is placed in account with an annual interest rate of 9%.

Q: Ms. Roberts decided to invest some money in an insurance company with an interest rate of 9%…

A: Given that interest rate is 9%. The formula for calculating compound interest is given by, A= P(1+…

Q: A new car is purchased for $50, 000 and over time its value depreciates by one half every 5 years.…

A: The initial value of the car is 50,000 After 5 years the car value is depreciated by one half so…

Q: Invested at 6% interest, ₱10,000 today would be worth approximately ₱20,000.00 in ___ years.

A: Given information Principal P=$10,000 Interest I=$20,000 Interest rate r=6% We have to fin the time.…

Q: Find the rate of interest if N2,800 gains N600 in 5 years

Q: A loan of $37,000 is made at 5.75% interest, compounded annually. After how many years will the…

Q: Your paycheck each week is $500.00. If you want to save $2000.00 in one year, how much should you…

Q: You take out a $12,000 car loan that has a 3.5% annual simple interest rate. How many years will it…

A: Formula: Simple interest SI=PTR100 Where SI- Simple interest…

Q: Simone invests $4,000 in an account that compounds interest quarterly and earns 7%. How many years…

Q: Nancy invested $17200 in an account earning 6.2 annual interest that is compounded quarterly. How…

Q: Glory deposited the sum of $50000 in a bank account after 5 months she made another deposit of…

A: The solution are as follows

Q: Find the final amount of money in an account if $4, 600 is deposited at 8% interest compounded…

Q: Melanie invests $7600$⁢7600 in a new savings account which earns 4.0%4.0% annual interest,…

A: Melanie invests $7600 in a new savings account which earns 4.0% annual interest, compounded…

Q: A loan of $42,000 is made at 8.75% interest, compounded annually. After how many years will the…

Q: A car is purchased for $16,500. After each year, the resale value decreases by 20%. What will the…

A: The principle amount is 16500, the rate of interest is -20% per annum and the number of years is 4.…

Q: Find the final amount of money in an account if $5,800 is deposited at 6.5% interest compounded…

Q: Greg has $9,000 in a savings account. The interest rate is 15%, compounded annually. To the nearest…

A: NOTE: Refresh your page if you can't see any equations. . here we have P=9000 r=15%=0.15 n=1 for…

Q: For a sum of P8000.00 to double itself in 12 years and 9 months, what must be the rate of interest…

Q: A new car is purchased for \$41,000$41,000 and over time its value depreciates by one half every 3…

Q: Carly wants to invest $1000 in an account that earns 8% interest, compounded quarterly. How many…

Q: A principal of $1500 is invested at 3.75% interest, compounded annually. How many years will it take…

A: Principal Amount = P = 1500 $Interest rate = r = 3.75 %Amount = A = 2000 $We have to calculate the…

Q: If a new car costs $25,000 and depreciates at a rate of 16% per year, what will be the value of the…

A: We know that, if a depreciation of r% per year is applied over an amount P for n years, then the…

Q: Greg invests $13,000 in an account that pays 5.5% interest per year, compounded quarterly. How much…

Q: You borrow $4,000 for one year from a friend at an interest rate of 1.5% per month instead of taking…

Q: Oscar has $400 in a savings account that earns 1% interest, compounded annually. To the nearest…

A: Given : Principal amount (P) = $400 Interest rate = 1% time t = 2 years

Question

100%

How long will it take for $3000 to grow to $43000 at an interest rate of 8.1%. if the interest is round quarterly.Round the number of years to the nearest hundredth.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

What interest rate would you need to get to double an investment of 200 in eight years?
Alyssa opened a retirement account with 7.25 APRin the year 2000. Her initial deposit was 13,500. How much will the account be worth in 2025 if interest compounds monthly? How much more wouldshe make if interest compounded continuously?
Drew wants to save 2,500 to go to the nextWorld Cup. To the nearest dollar, how much willhe need to invest in an account now with 6.25 APR, compounding daily, in order to reach his goalin 4 years?
Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest, compounded monthly. If she opened her account when she was 19 years old, how much will she have by the time she is 55? How much of that amount will be interest earned?
Angela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the account in 10 years by each method of compounding? compound quarterly compound monthly compound continuously