Top Posters
Since Sunday
o
6
6
G
3
c
3
q
3
m
3
j
3
s
2
b
2
j
2
u
2
j
2
Home Q & A Board Science-Related Homework Help Mathematics
New Topic  
ericayi ericayi
wrote...
Go to Answer
Posts: 141
Rep: 0 0
A year ago
Janesh has savings of $9625.63. If he can invest this amount to earn 2.8%, how many days will it take for the investment to grow to $9,800? Round to the nearest day.
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
Read 161 times
3 Replies
Replies
Answer verified by a subject expert
bryrdanbryrdan
wrote...
#1
Posts: 133
Rep: 0 0
A year ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

wrote...
#2
8 months ago
Janesh has savings of $10,950.94. If he can invest this amount to earn 2.4%, how many days will it take for the investment to grow to $11,100? Also calculate the interest earned for this investment. (Do not round intermediate calculations.  Round "Number of days" UP to the next whole day.  Round "Interest earned" to 2 decimal places.)
 

    
Number of days   
Interest earned   $
wrote...
#3
Educator
8 months ago Edited: 8 months ago, bio_man
Quote from: ericayi (A year ago)
Janesh has savings of $9625.63. If he can invest this amount to earn 2.8%, how many days will it take for the investment to grow to $9,800? Round to the nearest day.

\(FV = PV ( 1 + i )^{nt}\)
\(9800 = 9625.63(1 + 0.0276162)^{t}\)
\(\frac{9800}{9625.63} = (1 + 0.0276162)^t\)

Take ln on both sides

\(\frac{ln(\frac{9800}{9625.63})}{ln(1 + 0.0276162)} = t\)

t will represent years. Convert to days by using 365 days = 1 year
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1011 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 301
  
 100
  
 202
Your Opinion
Who will win the 2024 president election?
Votes: 10
Closes: November 4
Previous poll results: Which industry do you think artificial intelligence (AI) will impact the most?