05.04.2021

Ren sets aside $1,000 into an online savings account with an annual interest rate of 2.3%, compounded annually. How long will it take for the

money in his account to double?

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24.06.2023, solved by verified expert
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It will take 30.48 for the money in his account to double.

Step-by-step explanation:

Interest compounded anually:

With an investment of P, the amount compounded annualy after t years that you will have is given by:

Ren sets aside <img src=

In which r is the interest rate, as a decimal.

Ren sets aside $1,000 into an online savings account with an annual interest rate of 2.3%

This means that Ren sets aside <img src=. So

Ren sets aside <img src=

Ren sets aside <img src=

Ren sets aside <img src=

How long will it take for the money in his account to double?

This is t for which A(t) = 1000*2 = 2000. So

Ren sets aside <img src=

Ren sets aside <img src=

Ren sets aside <img src=

Ren sets aside <img src=

Ren sets aside <img src=

Ren sets aside <img src=

Ren sets aside <img src=

Ren sets aside <img src=

It will take 30.48 for the money in his account to double.

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Mathematics
Step-by-step answer
P Answered by PhD

It will take 30.48 for the money in his account to double.

Step-by-step explanation:

Interest compounded anually:

With an investment of P, the amount compounded annualy after t years that you will have is given by:

A(t) = P(1+r)^{t}

In which r is the interest rate, as a decimal.

Ren sets aside $1,000 into an online savings account with an annual interest rate of 2.3%

This means that P = 1000, r = 0.023. So

A(t) = P(1+r)^{t}

A(t) = 1000(1+0.023)^{t}

A(t) = 1000(1.023)^{t}

How long will it take for the money in his account to double?

This is t for which A(t) = 1000*2 = 2000. So

A(t) = 1000(1.023)^{t}

2000 = 1000(1.023)^{t}

(1.023)^{t} = \frac{2000}{1000}

(1.023)^{t} = 2

\log{(1.023)^{t}} = \log{2}

t\log{1.023} = \log{2}

t = \frac{\log{2}}{\log{1.023}}

t = 30.48

It will take 30.48 for the money in his account to double.

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
Mathematics
Step-by-step answer
P Answered by PhD

Cost of 7 gallons=$24.50

Cost of 1 gallon=24.50/7=3.5

Cost of 15 gallons=15*3.5=52.5

Cost of 15 gallons will be $52.5

Mathematics
Step-by-step answer
P Answered by PhD

For every 8 cars there are 7 trucks

Therefore,

Cars:Truck=8:7

Answer is B)8:7

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

Mathematics
Step-by-step answer
P Answered by PhD

The answer is in the image 

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

The wood before starting =12 feet

Left wood=6 feet

Wood used till now=12-6=6 feet

Picture frame built till now= 6/(3/4)

=8 pieces

Therefore, till now 8 pieces have been made.

Mathematics
Step-by-step answer
P Answered by PhD

The wood before starting =12 feet

Left wood=6 feet

Wood used till now=12-6=6 feet

Picture frame built till now= 6/(3/4)

=8 pieces

Therefore, till now 8 pieces have been made.

Mathematics
Step-by-step answer
P Answered by PhD

tip=18% of 75.45

     =18/100 * 75.45 = $13.581

Tip = $13.581

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