algebra

How long, to the nearest day, will it take $25,000 to grow to $500000 at 9% annual interest compounded monthly?

  1. 👍 0
  2. 👎 0
  3. 👁 199
  1. (1+.09/12)^(12x) = 500000/25000
    x = 33.411 years

    I figure you can calculate the required day

    1. 👍 0
    2. 👎 0
  2. 150 days

    1. 👍 0
    2. 👎 0

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    Christina Hercher borrowed $50,000 on a 90 day, eight percent note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000. Using the U.S. Rule, Christina's adjusted balance after the first

  2. business math

    Christina Hercher borrowed $50,000 on a 90 day, 8 percent note. Christina paid $3,000 toward the note on day 40. On day 60 she paid an additional $4,000 using the U>S. Rule. Christina's adjusted balance after the first payment is?

  3. geometry

    Earth’s radius is about 4,000 mi. To the nearest mile, what is the distance a person can see on a clear day from an airplane 5 mi above Earth? help please!

  4. Math

    If $ 2500 is invested in an account that pays interest compounded continuously, how long will it take to grow to $ 5000 at 3%? Round to the nearest tenth

  1. Algebra 2

    D'Andre has decided that he needs to get more exercise, so he is building a running regimen for himself. He decides that, beginning on Sunday, he'll fun 10 feet. On each subsequent day he'll double the distance he ran the previous

  2. College Algebra

    20. Growth of an Account If Russ (see Exercise 19) chooses the plan with continuous compounding, how long will it take for his $60,000 to grow to $80,000? 3. (1/8) to the 2x-3= 16 to the x +1 13. e to the 4x= 4 to the x-2 15. ln

  3. math

    The area covered by water lilies in a pond you own doubles in size every day. If allowed to grow the plants would cover the entire pond surface in 30 days. You had decided to do nothing until the pond is ½ covered. a. On what day

  4. Pre-calc

    A house was valued at $125,000 in the year 1987. The value appreciated to $175,000 by the year 2002. A) What was the annual growth rate between 1987 and 2002? r= (round the growth rate to 4 decimal places) B) What is the correct

  1. Math

    Alonzo plans to retire as soon as he has accumulated $250,000 through quarterly payments of $5,000. If Alonzo invests this money at 5.4% interest, compounded quarterly, how long (to the nearest year) until can he retire?

  2. healthcare fiancare

    HINT: 6% X $1,000,000 – {20% X ($1,000,000 – (6% X $1,000,000))} = 6% X $1,000,000 – {20% X ($1,000,000 - $60,000))}= 6% X $1,000,000 - {20% X $940,000}= 6% X $1,000,000 - $188,000 = $60,000 - $ 188,000= -$128,000 A) The

  3. Math

    A couple needs $15,000 as a down payment for a home. If they invest the $10,000 they have at 8% compounded quarterly, how long will it take for the money to grow into $15,000?

  4. Math

    the design below grows each day, as shown. if the pattern continues to grow like this, how many tiles will there be in the design on the tenth day? on the fiftieth day? Day 1 1 tile Day 2 5 tiles Day 3 13 tiles

You can view more similar questions or ask a new question.