posted by .

what do i have to do to solve this?

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 -

    Future 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 -

    a couple invests $4500 in an account paying 7% compounded quarterly. how much is in the account after one year?

  • math -

    a 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?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. algebra

    Solve the problem. Helen Weller invested $15,000 in an account that pays 12% simple interest. How much additional money must be invested in an account that pays 15% simple interest so that the total interest is equal to the interest …
  2. math

    how much money would have to be invested in an account at 3.98% annual interset to achieve a balance of 25,000 in 17 years if a. The account pays simple interest b. the account compound interest qrtly c. the account compounds interest …
  3. Math

    Nico was stunned when he opened the mail. Here was a check for $322.50! This was the interest he earned on his investment. One year ago Nico had been given $5,000. His parents made him put it in the bank and save it for college, but …
  4. Algebra

    This assignment is about a car loan. A financial institution in your community is advertising "Simple Interest Car Loans." Here is their ad. "Looking for an attractive loan for the car of your dreams?
  5. Algebra

    Helen invested $14,000 in an account that pays 3% simple interest. How much additional money must be invested in an account that pays 6% simple interest so that the average return on the two investments amounts to 4% ?
  6. Lat math question for some days. Can y'all help?

    Huan deposited $850 into a college savings account earning 4.8% interest compounded annually. He also deposited $850 into a second account earning 4.8% simple interest. He made no additional deposits. After 10 years, which account …
  7. algebra

    Alice puts money into two accounts, one with 2% annual interest and another with 3% annual interest. She invests 3 times as much in the higher yielding account as she does in the lower yielding account. If her total interest for the …
  8. jordan

    Sanjay wants to buy a condominium in 3 yrs. He's planning to save for down payment. He plans to deposit $2500 at the beginning of each year into a savings account. The savings account pays 2.25% interest, compounded monthly. How much …
  9. Grade 7 math

    Bob currently has $1,000 in a saving account he saves $25 per month he saves the same amount each month and does not take any money out of the account and how many months will boris have 1,450
  10. Social Studies

    An interest rate is a special type of (1 point) loan. **price. bank. service. 2. How does a compound interest rate differ from a simple interest rate?

More Similar Questions