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September 20, 2014

September 20, 2014

Posted by **amanda** on Friday, September 17, 2010 at 9:53pm.

Khety must save $5050 for a down payment on a car. He currently has $1925 in an account yielding 6.5% simple interest. If he saves no additional money, how long until he has enough for the down payment?

- math -
**PsyDAG**, Saturday, September 18, 2010 at 11:00amFuture value = Present value (1 + interest rate)^n, where n = number of years.

5050 = 1925(1.065)^n

Rearranged n= (log 5050 - log 1925)/log (1.065)

- math -
**sherry**, Tuesday, November 30, 2010 at 9:43ama couple invests $4500 in an account paying 7% compounded quarterly. how much is in the account after one year?

- math -
**Anonymous**, Friday, February 18, 2011 at 12:58ama sequence of yearly payments of $6000 is invested at an interest rate of 4.5%, compounded annually. what is the total amount of the annuity after 12 years?

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