Mathematics : asked on rascoesk
 02.08.2022

Riley is going to invest $870 and leave it in an account for 12 years. Assuming the interest is compounded daily, what interest rate, to the nearest tenth of a percent, would be required in order for Riley to end up with $1,880?

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Step-by-step answer

16.11.2022, solved by verified expert
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Answer:

R = 6.4%

Step-by-step explanation:

Given, 

Sum invested (P) = $870

Time (t) = 12 years

Amount (A) = $1880

For compounded daily, n = 360

We know that, 

A = P(1 + r/n)^nt

Solving for rate r as a decimal
r = n[(A/P)1/nt - 1]
r = 360 × [(1,880.00/870.00)1/(360)(12) - 1]
r = 0.0642168

Then convert r to R as a percentage
R = r * 100
R = 0.0642168 * 100
R = 6.422%/year

Summary:
The interest rate required to get a total amount of $1,880.00 from compound interest on a principal of $870.00 compounded 360 times per year over 12 years is 6.422% per year.

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Faq

Mathematics
Step-by-step answer
P Answered by PhD

SI=(P*R*T)/100

P=2000

R=1.5

T=6

SI=(2000*1.5*6)/100

=(2000*9)/100

=180

Neil will earn interest of 180

Mathematics
Step-by-step answer
P Answered by PhD
Answer: 440 grams for 1.54 is the better value
Explanation:
Take the price and divide by the number of grams
1.54 / 440 =0.0035 per gram
1.26 / 340 =0.003705882 per gram
0.0035 per gram < 0.003705882 per gram
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Step-by-step answer
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For every 8 cars there are 7 trucks

Therefore,

Cars:Truck=8:7

Answer is B)8:7

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Step-by-step answer
P Answered by PhD

y=2x+15

where y=Value of coin

x=Age in years

Value of coin after 19 years=2*19+15

=$53

Therefore, Value after 19 years=$53

Mathematics
Step-by-step answer
P Answered by PhD

F=ma

where F=force

m=mass

a=acceleration

Here,

F=4300

a=3.3m/s2

m=F/a

    =4300/3.3

    =1303.03kg

Approximately it is aqual to 1300kg

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Step-by-step answer
P Answered by PhD

Salesperson will make 6% of 1800

=(6/100)*1800

=108

Salesperson will make $108 in $1800 sales

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Step-by-step answer
P Answered by PhD

The solution is given in the image below

The solution is given in the image below
Mathematics
Step-by-step answer
P Answered by PhD

Speed=Distance/time

Here,

distance=15m

time=1sec

speed=15/1=15m/sec

Distance=Speed*time

time=15min=15*60sec=900sec

Distance travelled in 15 min=15*900=13,500m

=13500/1000 km=13.5Km

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