25.03.2021

Michelle's father deposited $1,000 into a savings account when she was born. The annual interest rate is 4.5%. Since opening the account, Michelle's father has never deposited or withdrawn money from it.

What age will Michelle be when her account reaches more than $2,000?

. 1

Step-by-step answer

24.06.2023, solved by verified expert
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Michelle's age = 16

Step-by-step explanation:

As we know,

Amount = Michelle s father deposited <img src= where

P = Principal amount

r = rate of interest

t = time

Given ,

P = $1000

r = 4.5 % = Michelle s father deposited <img src=

Now,

Given that Amount reaches more than $2000

Michelle s father deposited <img src=  > 2000

Michelle s father deposited <img src= > 2000

Michelle s father deposited <img src= > 2

Now,

we put the value of t from 0 , 1, 2, ..... untill the above equation does not satisfy

Now,

for t = 0

Michelle s father deposited <img src=

for t = 1

Michelle s father deposited <img src=

for t = 2

Michelle s father deposited <img src=

for t = 3

Michelle s father deposited <img src=

for t = 4

Michelle s father deposited <img src=

for t = 5

Michelle s father deposited <img src=

for t = 6

Michelle s father deposited <img src=

for t = 7

Michelle s father deposited <img src=

for t = 8

Michelle s father deposited <img src=

for t = 9

Michelle s father deposited <img src=

for t = 10

Michelle s father deposited <img src=

for t = 11

Michelle s father deposited <img src=  

for t = 12

Michelle s father deposited <img src=

for t = 13

Michelle s father deposited <img src=

for t = 14

Michelle s father deposited <img src=  

for t = 15

Michelle s father deposited <img src=

for t = 16

Michelle s father deposited <img src=

It satisfies at t= 16

∴ we get

Michelle's age = 16

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Mathematics
Step-by-step answer
P Answered by PhD

Michelle's age = 16

Step-by-step explanation:

As we know,

Amount = P (1 + r)^{t} where

P = Principal amount

r = rate of interest

t = time

Given ,

P = $1000

r = 4.5 % = \frac{4.5}{100} = 0.045

Now,

Given that Amount reaches more than $2000

P (1 + r)^{t}  > 2000

1000(1 + 0.045)^{t} > 2000

(1.045)^{t} > 2

Now,

we put the value of t from 0 , 1, 2, ..... untill the above equation does not satisfy

Now,

for t = 0

(1.045)^{0} = 1 \ngeq 2

for t = 1

(1.045)^{1} = 1.045 \ngeq 2

for t = 2

(1.045)^{2} = 1.092 \ngeq 2

for t = 3

(1.045)^{3} = 1.14 \ngeq 2

for t = 4

(1.045)^{4} = 1.19 \ngeq 2

for t = 5

(1.045)^{5} = 1.25 \ngeq 2

for t = 6

(1.045)^{6} = 1.30 \ngeq 2

for t = 7

(1.045)^{7} = 1.36 \ngeq 2

for t = 8

(1.045)^{8} = 1.42 \ngeq 2

for t = 9

(1.045)^{9} = 1.48 \ngeq 2

for t = 10

(1.045)^{10} = 1.55 \ngeq 2

for t = 11

(1.045)^{11} = 1.62 \ngeq 2  

for t = 12

(1.045)^{12} = 1.69 \ngeq 2

for t = 13

(1.045)^{13} = 1.77 \ngeq 2

for t = 14

(1.045)^{14} = 1.85 \ngeq 2  

for t = 15

(1.045)^{15} = 1.93 \ngeq 2

for t = 16

(1.045)^{16} = 2.02   2

It satisfies at t= 16

∴ we get

Michelle's age = 16

Mathematics
Step-by-step answer
P Answered by Specialist

0. $1,000  1. $1,045  2. $1,092.03  3. $1,141.17  4. $1,192.52. 5. $1,246.18     6. $1,302.26  7. $1,360.86  8. $1,422.10

Step-by-step explanation:

First you start with the beginning balance of $1,000 dollars, then you multiply that by 1.045 to get $1,045 dollars after one year. Then you multiply $1,045 by 1.045 to get $1,092.025 (monetarily correct, it would be $1,092.03) after the second year. Then you multiply $1,092.025 (keeping it un-rounded for precision) by 1.045 to get $1,141.16612 after the third year. Then you multiply $1141.16612 by 1.045 to get $1,192.5186 after the fourth year. Multiply $1,192.5186 by 1.045 to get $1,246.18193 after the fifth year. Multiply $1,246.18193 by 1.045 to get $1,302.26012 after the sixth year. Multiply $1,302.26012 by 1.045 to get $1,360.86182 after the seventh year. Multiply $1,360.86182 by 1.045 to get $1,422.10061 after the eighth year. Basically, Michelle is going to be a trust fund baby by the time she's twenty and she won't have to worry about college if she works hard and does well in high school.

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Step-by-step answer
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Therefore, for 5 different flavors there will be 5*9 choices

No of choices= 5*9

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Therefore,

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The solution is in the following image
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Step-by-step answer
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Here,

tip=18%of $32

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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

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.

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