math

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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?

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