Concept explainers
Find the time required for Santos` investment to reach $2500.
Answer to Problem 18HP
Time required for Santos` investment to reach $2500 is 9.2 years.
Explanation of Solution
Given:
Santos invested $1200 into an account with an interest rate of 8% compounded monthly. Use a calculator to approximate how long it will take for Santos` investment to reach $2500.
Concept Used:
The compound interest formula:
Where A is the amount after t years, and P is the initial principal balance, r is the interest rate, n is the number of times interest is compound per time period and t is the number of time periods.
Calculation:
The compound interest formula:
Where A is the amount after t years, and P is the initial principal balance, r is the interest rate, n is the number of times interest is compound per time period and t is the number of time periods.
In this question:
Now using calculator,
Thus, time required for Santos` investment to reach $2500 is 9.2 years.
Chapter 9 Solutions
Algebra 1
Additional Math Textbook Solutions
Elementary Algebra
Linear Algebra and Its Applications (5th Edition)
College Algebra
College Algebra
PREALGEBRA
College Algebra (7th Edition)
- Algebra and Trigonometry (6th Edition)AlgebraISBN:9780134463216Author:Robert F. BlitzerPublisher:PEARSONContemporary Abstract AlgebraAlgebraISBN:9781305657960Author:Joseph GallianPublisher:Cengage LearningLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning
- Algebra And Trigonometry (11th Edition)AlgebraISBN:9780135163078Author:Michael SullivanPublisher:PEARSONIntroduction to Linear Algebra, Fifth EditionAlgebraISBN:9780980232776Author:Gilbert StrangPublisher:Wellesley-Cambridge PressCollege Algebra (Collegiate Math)AlgebraISBN:9780077836344Author:Julie Miller, Donna GerkenPublisher:McGraw-Hill Education