Andrew is saving up money for a down payment on a car. He currently has $3355, but knows he can get a loan at a lower interest rate if he can put down $4045. If he invests the $3355 in an account that earns 3.7% annually, compounded monthly, how long will it take Andrew to accumulate the $4045? Round your answer to two decimal places, if necessary.

Answers

Answer 1

Answer:

5.06 years or 60.75 months

Step-by-step explanation:

Compound interest formula:

[tex]AV=PV(1+\frac{i}{n})^{n*t}\\4045=3355(1+\frac{.037}{12})^{12t}\\1.025=(1.003)^{12t}\\log1.025_{1.003}=12t\\60.75=12t\\5.062[/tex]

5.06 years or 60.75 months

Answer 2

It will take Andrew  5 years to accumulate $4045 by investing $3355 in an account that earns 3.7% annually, compounded monthly.

What is Percentage?

percentage, a relative value indicating hundredth parts of any quantity.

We can use the formula for compound interest to solve this problem:

[tex]A = P(1 + r/n)^(^n^t^)[/tex]

where:

A is the amount of money at the end of the investment period

P is the principal amount (initial investment)

r is the annual interest rate (as a decimal)

n is the number of times the interest is compounded per year

t is the time (in years) of the investment period

In this case, we want to solve for t. We know that:

P = $3355

r = 0.037 (3.7% as a decimal)

n = 12 (compounded monthly)

A = $4045

Substituting these values into the formula, we get:

[tex]4045 = $3355(1 + 0.037/12)^(^1^2^t^)[/tex]

ln(1.206) = 12t ln(1 + 0.037/12)

ln(1.206) = 12t ln(1 + 0.0031)

ln(1.206) = 12t ln(1.0031)

0.187=12t 0.0031

0.187=0.0372t

t=5.02

Therefore, it will take Andrew approximately 5 years to accumulate $4045 by investing $3355 in an account that earns 3.7% annually, compounded monthly.

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Related Questions

4. Find the circumference of a circle with a
diameter of 20 centimeters.

Answers

Answer:

circumference = π(diameter) = 3.14(20) =62.8 cm

Step-by-step explanation:

Y’all NLE Choppa is in jail. Sending prayers and love

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Answer:

NLE Choppa noooooooooooooooooo

Step-by-step explanation:

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Answer:

He wasnt in jail? I dont think cuz he was makin new music

Step-by-step explanation:

y = 100(1.25)^t

1. What is your initial value?

Answers

100(1.25)^t
100 x (5/4)^t
100 x 5^t / 4^t
100 x 5^t all over 4^t

What is the fraction that is equal to 0.534

Answers

Answer:

267/500

Step-by-step explanation:

0.534 = 534 / 1000

Simplify to 267/500

Step-by-step explanation:

537/1000

this is the correct answer

How long is 75% of a 24-hour day? How far is 75% of a 2,000-kilometer trip? How much is 75% of 10 liters of milk?

Answers

1- 18 hours
2- 1500 kilometers
3- 7.5 liter

Help tell me about scatter plots please!!!

Answers

Answer: i don’t know what that is

Step-by-step explanation:

A scatter plot (also called a scatterplot, scatter graph, scatter chart, scattergram, or scatter diagram) is a type of plot or mathematical diagram using Cartesian coordinates to display values for typically two variables for a set of data. There are three types of scatter plot correlation: positive, negative, and none (no correlation). Positive Correlation: as one variable increases so does the other. Height and shoe size are an example; as one's height increases so does the shoe size. Negative Correlation: as one variable increases, the other decreases.

When you reflect a shape, you (blank) over an axis or line.

Answers

Answer:

poison

Step by Step Explanation

When you reflect a shape, you flip over an axis or line, the answer is flip.

What is geometric transformation?

It is defined as the change in coordinates and the shape of the geometrical body. It is also referred to as a two-dimensional transformation. In the geometric transformation, changes in the geometry can be possible by rotation, translation, reflection, and glide translation.

As we know the reflection will change the orientation not the shape or size after reflection we will get mirror image of the body.

When you reflect a shape, you flip over an axis or line.

Thus, when you reflect a shape, you flip over an axis or line the answer is flip.

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Consider the first three terms of the sequence below.

14000, 12600, 11340

Complete a recursively-defined function to describe this sequence.
f(1) = _____
f(n) = f(n - 1) · ___, for n ≥ 2
The next term in the sequence is ____.

Answers

Answer:

f(1) = 14000

f(n) = f(n - 1) · 0.9 , for n ≥ 2

The next term in the sequence is 10206 .

Step-by-step explanation:

First we try to find the type of sequence it is.

Is there a common difference?

12600 - 14000 = -1400

11340 - 12600 = -1260

There is no common difference, so it is not an arithmetic sequence.

12600/14000 = 0.9

11340/12600 = 0.9

There is a common ratio, so this is a geometric sequence.

Each term is 0.9 times the previous term.

The next term is:

11340 * 0.9 = 10206

Answer:

f(1) = 14000

f(n) = f(n - 1) · 0.9 , for n ≥ 2

The next term in the sequence is 10206 .

Pls help and if you can show me how you do it :)

Find the number less than 40, that is
divisible by 5, and when divided by 6
has a remainder of 2.

Answers

So basically you want to start by thinking of multiples of 5 less than 40 such as 35, 30, etc. then divide each by six to see if it has a remainder of two. The answer would be 20. 6 goes into 20 3 times. 6x3 = 18. 20-18=2

Find the area of the trapezoid

Answers

Answer:

42 square units

Step-by-step explanation:

Each square on the grid is 2 units by 2 units.

Bases: OC = 10; SK = 4

Height: OS = 6

area = (b1 + b2)h/2

area = (10 + 4)(6)/2

area = 42

Answer: 42 square units

Answer:

The area of trapezoid is 42 square unit.

Step-by-step explanation:

According to the question

A trapezoid which is consist of many square shapes and each grid square equals 2 units . We need to find the area of trapezoid.

To calculate the area of trapezoid we have given :-

Base ; SK = 4 and OC = 10Height ; OS = 6Formula for finding area of trapezoid is ½ × (Base 1 + Base 2) × Height .

Finding the area of trapezoid :-

Area of trapezoid = ½ × ( 4 + 10 ) × 6

Add 4 and 10.

Area of trapezoid = ½ × 14 × 6

Multiply 14 by 10.

Area of trapezoid = ½ × 84

Divide by 2.

Area of trapezoid = 42

Hence,

The area of trapezoid is 42 square unit.

D. The cost to play the game is $2. The winner gets $6 for making purple. How much profit would the school make from 18 people playing the game?​

Answers

Answer:

$30

Step-by-step explanation:

1 person = $ 2

18 person = 2 × 18 = $36

winner = $6

profit = 36 - 6 = $30

HELP ME ASAP!!!!!!!!!!!!

See picture attached.

Please friend request me if you get it right.

Thanks xx

Answers

Answer:

Number of cubes = 8 large and 32 small, or 40 total

Step-by-step explanation:

each layer = 2 large and 8 small cuboids.

each layer = 128 cm³

512/128 = 4 layers

so:

4 x 2 = 8 large cuboids

4 x 8 = 32 small cuboids

Can somebody please help a brother out?:))

Answers

there is an app called socratic, also if this assignment goes with a text book there is an app called sladder that has all textbook answers with work

How can the next term in the infinite sequence 1, 5, 12, 22, 35, ... be generated?
A. Square the term number, subtract the tem number from the result, multiply by 3, and divide the result by 2.
B. Square the term number, multiply the result by 3. divide by 2, and subtract the term number from the result.
C. Square the term number, divide the result by 2 subtract the term number, and multiply the result by 3.
D. Square the term number, multiply the result by 3 subtract the tem number, and divide the result by 2.​

Answers

The answer to the question is B

Answer:

Its D

Square the term number, multiply the result by 3, subtract the term number, and divide the result by 2

a turtle is moving along a straight line at a constant rate. it moves 2/7 of a mile in 3/5 of an hour. what is the average speed of the turtle

Answers

Answer:

I am not sure , but i think the answer would be 0.03 m/s .

hope it helps u . ^.^

Which of these statements is true? Check all that apply.
CDs have a higher mean than digital.
The range of digital is 800.
The median of CDs is 400,
Both have the same interquartile range.
O Both have the same median,
Digital's mean is around 467.

Answers

Answer:

abd

Step-by-step explanation:

im smart

Answer:

The answer is A B D F

Step-by-step explanation:

I took the test sorry I don't have a better explanation.

Michelle ordered 200 T-shirts to sell at the school carnival. She paid $2.80 per shirt, plus 5% of the total
order for shipping. When she sells each T-shirt at the carnival, she adds a 150% markup to the total price
she paid for the shirt (including the cost of shipping).
For what price does she sell each T-shirt?

Answers

Answer:

$7.35

Step-by-step explanation:

We have 200 shirts

Cost $2.80 each

plus a 5% charge for shipping.

Selling price

150% markup

Recall when we use percentages, we need to express them as decimals.

Michelle's cost for each shirt was

2.80 (1.05) = 2.94

The markup is

2.94 (1.50) = 4.41

The markup is added to the cost to get the final selling price.

2.94 + 4.41 = $7.35

Michelle will sell each shirt for $7.35

Find the tangents of the acute angles in the right triangle. Write each answer as a fraction,

45

tan R-

tan S -

Answers

Answer:

Following are the solution to these question:

Step-by-step explanation:

Please find the complete question in the attachment file.

Formula:

[tex]\to \tan \theta= \frac{Perpendicular}{Base}[/tex]

[tex]\to \tan R = \frac{45}{28} \\\\ \to \tan S = \frac{28}{45}[/tex]

what is the maximum number of interior reflex angles that a hexagon can have?​

Answers

360 degrees Because it is a reflect angle

Find the solution of the inequality 5(x + 4) < 35

Answers

Answer:

The answer is x<3

Simplify
3 x 34
leaving your answer in index form.

Answers

Answer:

Multiply  34  by 3  

102x

this is the simplified version

70 out of 550 questions on a standardized test are math questions. what percent of the test is mathematics?

Answers

Answer:

385 are math quetions.

Step-by-step explanation:

70% of 550 is 385.

12.73 percent of the test is mathematics

Marilyn has 24 hair ribbons. 9 of her ribbons are red. What percent of her hair
ribbons are red?
A. 30%
B. 37.5%
C. 25%
D. 40%

Answers

37.5
9/24=0.375
Move the decimal two places and you get 37.5%

Answer:

B. 37.5

Step-by-step explanation:

100/24 = 4.1666666667

4.1666666667*9 = 37.5

8. Somebody said the answer is letter A. I Don't Know the answer

Which properties of equality justify steps c and f?


A. Addition Property of Equality; Division Property of Equality

B. Multiplication Property of Equality; Division Property of Equality

C. Subtraction Property of Equality; Multiplication Property of Equality

D. Addition Property of Equality; Subtraction Property of Equality

Answers

Answer:

D. Addition Property of Equality; Subtraction Property of Equality

Step-by-step explanation:

Answer:

Option C and B

Step-by-step explanation:

In the question step C is 23 + 11 = -11 +(-4x) + 11

which is in the form of a + b = c + a

In step C we have added 11 on both the sides to eliminate 11 from right side of the equation.

property which signifies this step is

Addition property of equality :

In step 'f' expression is

\frac{34}{-4}=\frac{-4x}{-4}

In this step equation has been divided by -4 on both the sides to eliminate 4 from the numerator.

In this step division property of equality has been applied.

Therefore Option C and B are the correct options.

A trinomial with a leading coefficient of 333 and a constant term of -5−5 what is an equation

Answers

Given:

Leading coefficient of a trinomial = 3

Constant term = [tex]-5[/tex]

To find:

The equation of trinomial.

Solution:

If an expression contains three terms, then it is known as trinomial.

The general form of a trinomial which contains leading term and a constant is:

[tex]ax^2+bx+c[/tex]

Where, a,b,c are real non-zero numbers. Here, a is the leading coefficient and c is the constant.

Putting a=3 and c=-5, we get

[tex]3x^2+bx+(-5)[/tex]

[tex]3x^2+bx-5[/tex]

Therefore, the required trinomial is  [tex]3x^2+bx-5[/tex], where b is a non zero real number.

pls help and show work i am so screwed if i don’t do well on this

Answers

Answer:

see in the picture mark brainliest if correct

A rectangle with area 36 square inches has a length that is 3 less than 3 times the width. Find the length and the width of the rectangle.

Answers

Answer:

length = 9 in ; width = 4 in

Step-by-step explanation:

1) formula of the area of a rectangle

A = base x width

2) write an equation with the given informations:

w x (3w-3) = 36

3) solve the equation

-  multiply W by 3w and -3

3w^2 -3w = 36

- divide the two members by 3

w^2 - w = 12

- add up -12 at the two members

w^2-w -12 = 12 -12

w^2 - w - 12 = 0

- find two numbers whose sum is -1 and whose product is -12 and factorise the equation

(w-4)(w+3) = 0

- find the two solutions

w-4 = 0

w = 4

w+3 = 0

w = -3

4)remember that a length can’t be negative.

w = 4 is the only solution

5) find the length

4x3 - 3 = 9

Ared candle is 8 inches tall and burns at a rate of inch per hour. 1 A blue candle is 6 inches tall and burns at a rate of inch per hour. 5 After how many hours will both candles be the same height? Enter your answer in the box.​

Answers

Answer:

After 8 hrs both candles would've burned out completely, so they'll, more or less, be at the same height.

how do you add & subtract rational expressions

Answers

Answer:

To add or subtract two rational expressions with the same denominator, we simply add or subtract the numerators and write the result over the common denominator. When the denominators are not the same, we must manipulate them so that they become the same. In other words, we must find a common denominator.

Step-by-step explanation:

Answer:

To add or subtract two rational expressions with the same denominator, we simply add or subtract the numerators and write the result over the common denominator. When the denominators are not the same, we must manipulate them so that they become the same.

Step-by-step explanation:

Select the correct answer. 70PTS!!!!!!!!!!!!!!

Which statement correctly compares functions f and g?


function f function g

Function g is a decreasing exponential function with a y-intercept of 5 and no x-intercept.

A.

They have different end behavior as x approaches -∞ but the same end behavior as x approaches ∞.

B.

They have different end behavior as x approaches -∞ and different end behavior as x approaches ∞.

C.

They have the same end behavior as x approaches -∞ but different end behavior as x approaches ∞.

D.

They have the same end behavior as x approaches -∞ and the same end behavior as x approaches ∞.

Answers

They have different end behavior as x approaches -∞ but the same end behavior as x approaches ∞. Option A is correct.

Given that,
Function g is a decreasing exponential function with a y-intercept of 5 and no x-intercept.

What are functions?

Functions are the relationship between sets of values. e g y=f(x), for every value of x there is its exists in a set of y. x is the independent variable while Y is the dependent variable.

What is exponential function?

The function which is in format f(x) = [tex]e^X[/tex]   where, a is constant and x is variable,  the domain of this exponential function lies   (-∞, ∞).  

Here, the solution shown in the graph implies that they have different end behavior as x approaches -∞ but the same end behavior as x approaches ∞.

Thus, they have different end behavior as x approaches -∞ but the same end behavior as x approaches ∞. Option A is correct.

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