Opal deposited $2,925.90 into a savings account with an interest rate of 3.9% compounded twice a year. About how long will it take for the account to be worth $6,000?

Question

cwrw238 · Answer

use this formula
;
6000 = 2925.99( 1 + 0.039/2)^ 2t

where t = number of years

cwrw238 · Answer

thats 2925.90

cwrw238 · Answer

do you goe to find value of t from that formula?

anonymous · Answer

I have to give the answer in years and months, I got 18 years I think, but I can't figure out the months.

cwrw238 · Answer

sorry i got called away - i'll see what i get now

anonymous · Answer

Okay thank you!

cwrw238 · Answer

18.593 years = 18 years 7 months

as the interest is paid semi-annually your answer is 18 years 6 months

cwrw238 · Answer

hmm maybe 18 yrs 7 months is a better answer as the value will be below 6000 after the payment at 18 years 6 months

cwrw238 · Answer

ok ?

anonymous · Answer

The options are 18 years and ten months or 18 years and 8 months

anonymous · Answer

so 18 years and 8 months, right?

cwrw238 · Answer

yes- its a bit over 7 so 18yr 8 months is right

anonymous · Answer

Okk, thank you! & 
I have another quick question !

cwrw238 · Answer

works out o 18 yrs 7.2 months

anonymous · Answer

Edith purchased a stove for $950. It depreciates about 0.7% each year. What is the value of the stove after six years?

cwrw238 · Answer

lol - i cant think of a formula for that 
use calculator and enter
950 - 0.07 * 950 =
Ans - 0.07 * Ans =

- same thing another 4 times

sorry gotta go now

cwrw238 · Answer

aww - heres the formula 
its .007 not o.07

Depreciated amount = 950(1 - 0.007)^6 = 910.79