Michelle's father deposited $1,000 into a savings account when she was born. The annual interest rate is

4.5%. Since opening the account, Michelle's father has never deposited or withdrawn money from it.

What age will Michelle be when her account reaches more than $2,000?

Answers

Answer 1

Answer:

Michelle's age = 16

Step-by-step explanation:

As we know,

Amount = [tex]P (1 + r)^{t}[/tex] where

P = Principal amount

r = rate of interest

t = time

Given ,

P = $1000

r = 4.5 % = [tex]\frac{4.5}{100} = 0.045[/tex]

Now,

Given that Amount reaches more than $2000

⇒[tex]P (1 + r)^{t}[/tex]  > 2000

⇒[tex]1000(1 + 0.045)^{t}[/tex] > 2000

⇒[tex](1.045)^{t}[/tex] > 2

Now,

we put the value of t from 0 , 1, 2, ..... untill the above equation does not satisfy

Now,

for t = 0

[tex](1.045)^{0} = 1 \ngeq 2[/tex]

for t = 1

[tex](1.045)^{1} = 1.045 \ngeq 2[/tex]

for t = 2

[tex](1.045)^{2} = 1.092 \ngeq 2[/tex]

for t = 3

[tex](1.045)^{3} = 1.14 \ngeq 2[/tex]

for t = 4

[tex](1.045)^{4} = 1.19 \ngeq 2[/tex]

for t = 5

[tex](1.045)^{5} = 1.25 \ngeq 2[/tex]

for t = 6

[tex](1.045)^{6} = 1.30 \ngeq 2[/tex]

for t = 7

[tex](1.045)^{7} = 1.36 \ngeq 2[/tex]

for t = 8

[tex](1.045)^{8} = 1.42 \ngeq 2[/tex]

for t = 9

[tex](1.045)^{9} = 1.48 \ngeq 2[/tex]

for t = 10

[tex](1.045)^{10} = 1.55 \ngeq 2[/tex]

for t = 11

[tex](1.045)^{11} = 1.62 \ngeq 2[/tex]  

for t = 12

[tex](1.045)^{12} = 1.69 \ngeq 2[/tex]

for t = 13

[tex](1.045)^{13} = 1.77 \ngeq 2[/tex]

for t = 14

[tex](1.045)^{14} = 1.85 \ngeq 2[/tex]  

for t = 15

[tex](1.045)^{15} = 1.93 \ngeq 2[/tex]

for t = 16

[tex](1.045)^{16} = 2.02 > 2[/tex]

It satisfies at t= 16

∴ we get

Michelle's age = 16


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Answers

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Answers

Answer:

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Answers

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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Step-by-step explanation:

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Answers

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Step-by-step explanation:

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Answers

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Answers

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Answers

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Answers

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Answers

Answer:

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Step-by-step explanation:

Answer:

27.

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Answers

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Step-by-step explanation:

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Answers

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x

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--------

56.52

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Answers

Answer:

a  -1

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Step-by-step explanation:

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Answers

Answer:

The answer is 380

Step-by-step explanation:

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Answer:

g(100) = 380

Step-by-step explanation:

Replace x with the given number; which in this is case is 100

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g(100) = 4(95)

g(100) = 380

hope this is right and helps :)

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