Respuesta :
Answer:
It will take 35.46 quarters for the account to grow to $3000.
Step-by-step explanation:
Since the annual rate is compounded quarterly, this can be calculated using the formula for calculating the future value as follows:
FV = PV * (1 + r)^n ............................ (1)
Where;
FV = future value or the amount the deposit expected to grow to = $3,000
PV = Present value or the amount place in the savings = $2,000
r = Quarterly rate = Annual rate / 4 = 4.6% / 4 = 0.046 / 4 = 0.0115
n = number of quarters it will take for the loan to grow to $3000 = ?
Substituting the values into equation (1) and solve for n, we have:
$3,000 = $2,000 * (1 + 0.0115)^n
$3,000 / $2,000 = (1.0115)^n
1.50 = (1.0115)^n
Loglinearise both sides, we have:
log(1.50) = n log(1.0115)
0.176091259055681 = n * 0.00496588710682352
n = 0.176091259055681 / 0.00496588710682352
n = 35.4601816891322
Rounding to the nearest hundredth, which also implies to rounding to 2 decimal places, we have:
n = 35.46
Since the the annual rate is compounded quarterly, it will therefore take 35.46 quarters for the account to grow to $3000.
Suppose that $2000 is placed in a savings account at an annual rate of 4.6%, compounded quarterly. Assuming that no withdrawals are made, it will take him 8.86 years for the account to grow to $3000
From the information given:
- The principal amount placed in the savings account (P) = 2000
- The annual interest rate = 4.6%
- number of times interest is compounded n = 4
By using the compound interest formula:
[tex]\mathbf{A = P( 1+\dfrac{r}{n})^{nt}}[/tex]
replacing the values from above, we have:
[tex]\mathbf{3000= 2000( 1+\dfrac{0.046}{4})^{4t}}[/tex]
[tex]\mathbf{\dfrac{3000}{2000}= ( 1+\dfrac{0.046}{4})^{4t}}[/tex]
[tex]\mathbf{\dfrac{3000}{2000}= ( 1+0.0115)^{4t}}[/tex]
[tex]\mathbf{\dfrac{3000}{2000}= ( 1.0115)^{4t}}[/tex]
[tex]\mathbf{log(\dfrac{3000}{2000})= 4t \times log ( 1.0115)}[/tex]
[tex]\mathbf{0.17609= 4t \times0.004966}[/tex]
[tex]\mathbf{t = \dfrac{0.17609}{4 \times 0.004966 }}[/tex]
t = 8.86 years to the nearest hundredth.
Learn more about compound interest here:
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