SOLUTION: i have a couple
1. 76.26 is 23%more than what?
2. 162 is 3.6%of what?
3. Davids savingsaccount earns 2.4%APR. How long does it take for his money to double
Question 23008: i have a couple
1. 76.26 is 23%more than what?
2. 162 is 3.6%of what?
3. Davids savingsaccount earns 2.4%APR. How long does it take for his money to double
You can put this solution on YOUR website! 1. Let "x" be the amount you are looking for.
Then x+0.23x = 76.26
1.23x = 76.26
x = 76.26/1.23 = 62
The amount you are looking for is 62
2. Let "x" be your "what".
Then 3.6%(x)= 162
0.036x = 162
x = 162/0.036= 4500
3. Formula for simple interest is A=P(1+r)^n
A is the amount you have after some ti024me.
P is the amount you started with.
r is the annual rate of interest
n is the number of years you let the money grow.
In your case A = 2P because it doubled.
EQUATION:
2P = P(1+0.024)^n
2 = 1.024^n
Take the log or ln of both sides to get
log2 = n(log 1.024)
n = [log 2]/[log 1.024]
n = 29.23 years.
Cheers,
Stan H.
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