Question

Rebecca deposited $5,338.18 into a savings account with an interest rate of 5.9% compounded twice a year. About how long will it take for the account to be worth $10,000?

Answer 1

Well I believe first of all you will have to take $5,338.18 and find the 5.9% value of that which is $5,338.18 x 0.05 = 5.9% which is $267 estimated.
But if its twice a year than add that so:
$5,605.089 And now find 5.9% of that which should be:
Well actually before I continue is this the same 5.9% value each year or does the 5.9% value raise each time the interest is added?

Answer 2

no it's the same

Answer 3

So $267 dollars(estimated) would be your constant increase.

Answer 4

Well if so than it will basically be $10,000 - $5,338.18 = $4,661.82
So $4,661.82 divided by 266.909 = 17.5 times(estimated)
Therefore that divided by 2 = 8.75
Therefore it will take 8.75 years(if the interest remains the same) to reach $10,000 dollars. I just hope my math is correct.

Anyways hope that helps! G'day!

Answer 5

a. 15 years, 11 months
b. 32 years, 5 months
c. 10 years, 10 months
d. 11 years, 0 months
>_<

Answer 6

Hmmm sorry. Okay lets see.

Answer 7

No problem! ^o^

Answer 8

Rebecca deposited $5,338.18 into a savings account with an interest rate of 5.9% compounded twice a year. About how long will it take for the account to be worth $10,000?
So this is our question.
$5,338.18 dollars with a 5.9% interest rate(that stays the same) and it adds on twice a year and the total is supposed to equal $10,000 dollars right?

Answer 9

Yes

Answer 10

Alright this will take awhile: I'm going to round to the thousandths cause I don't like typing huge numbers.
____#1____|__5.9%__|5.9% of #1|_#1__|Sum of 5.9% and #1|__Amount of Years__|
5,338.18 x 0.059 = 314.953 + (#1) = 5,663.133 = Half a Year.
5,663.133 x 0.059 = 333.535 + (#1) = 5,986.667 = A full year.
5,986.667 x 0.059 = 353.213 + (#1) = 6,339.881 = 1.5 years.
6,339.881 x 0.059 = 374.053 + (#1) = 6,713.934 = 2 years.
6,713.934 x 0.059 = 396.122 + (#1) = 7,110.056 = 2.5 years.
7,110.056 x 0.059 = 419.493 + (#1) = 7,529.549 = 3 years.
This is what I have so far.

Answer 11

I believe I'm doing it correctly, but I may come up with the wrong answer.

Answer 12

I think you are doing it right now im not sure but here is the formula A=P(1+r/n)^nt

Answer 13

That would be:
Amount = Percentage(1 + rate divided by number)^number x time?

Answer 14

So:
The amount would be $10,000 right?
The Percentage is 5.9%
The Rate is twice a year so 2
The Number is 5,338.18
Number again is it above.
Time = 0.5 of a year.
And we plug in these numbers right?

Answer 15

Okay I'm sorry I don't know where my brain is today. I just can't seem to figure it out for you sorry.

Answer 16

Wait my brain is rethinking this.
A = P(1 + r/n)^nt
So:
10,000 = $5,338.18(1 + 0.059 / 2)^2 x t
10,000 = $5,338.18 x (1.0295)2t
So We can't multiply 1.0295 and 2t together cause there not like terms so lets multiply:
5,338.18 x 1.0295 together which equals = 5,495.65631
Therefore since the equation is now:
10,000 = 5,495.65631 + 2t we do this:
10,000 - 5,495.65631 = 5,495.65631 - (5,495.etc) + 2t
This will equal:
4,504.34369 = 2t
4,504.34369 divided by 2 = t
Equals: 2,252.#####
Okay what the crap? I did everything correctly right?
*sighs* I hope that helps you get an understanding of what to do.