I have 1500 dollars in year 2010 in what year would i reach 2000 dollars at 4% interest?
I = prt
500 = 1500 * 0.04 * t
500 = 60t
500/60 = t
8.333 = t
8.333 + 2010 = ?
There were 30.7 million people living in Canada in 2000. The population was expected to have a natural growth rate of 1.1% with an additional net migration of .2 million people.
A. Write a next-now equation that can be used to predict the canadian pop. for any year into the future.
B. IN what year is the pop. expected to reach 38 Mill.?
To calculate the number of years it would take for your money to reach $2000 at a 4% annual interest rate, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment ($2000 in this case)
P = the initial principal ($1500 in this case)
r = the annual interest rate (4% or 0.04 in decimal form)
n = the number of times the interest is compounded per year (assuming it's compounded annually, n would be 1)
t = the number of years we want to find
Rearranging the formula, we can solve for t:
t = (ln(A/P)) / (n * ln(1 + r/n))
Plugging in the values:
t = (ln(2000/1500)) / (1 * ln(1 + 0.04/1))
Using a calculator or spreadsheet, we can calculate:
t ≈ (0.405465) / (0.039221) ≈ 10.35
Therefore, it would take approximately 10.35 years for your $1500 to grow to $2000 at a 4% annual interest rate compounded annually. Since we can't have partial years, rounding up to the nearest full year, it would take 11 years to reach $2000.