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?

. 1

Step-by-step answer

24.06.2023, solved by verified expert
Unlock the full answer
3 students found this answer . helpful

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.

It is was helpful?

Faq

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

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

The answer is in the image 

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

The solution is in the following image

The solution is in the following 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

Let the father's age be x and son's be y

10 years before-

Father age=x-10

sons age=y-10

Given,

x-10=10(y-10)

x-10=10y-100

Given present age of father=40

therefore,

x=40

40-10=10y-100

10y-100=30

10y=130

y=130/10

y=13

Therefore present age of son=13years

Mathematics
Step-by-step answer
P Answered by PhD

Given height of gymnasium is 5/6 height of 30 foot ball

therefore height of gymnasium=5/6 * 30

=25 feet

Mathematics
Step-by-step answer
P Answered by PhD

The solution is given below

The solution is given below

Try asking the Studen AI a question.

It will provide an instant answer!

FREE