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Home Q & A Board Science-Related Homework Help Mathematics
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ericayi ericayi
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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.
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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bryrdanbryrdan
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A year ago
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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   $
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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
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