PrincessAurora
  • PrincessAurora
** I NEED HELP Will Fan & Medal ** Situation: Tina wants to save money for school. Tina invests $1,000 in an account that pays an interest rate of 8%. How many years will it take for the account to reach $1,300? Round your answer to the nearest hundredth.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
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benlindquist
  • benlindquist
divide
benlindquist
  • benlindquist
or whatever
PrincessAurora
  • PrincessAurora
Not going to fall for that.

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More answers

benlindquist
  • benlindquist
its my guess, wasn't saying that was how u do it
PrincessAurora
  • PrincessAurora
@FortyTheRapper do you know how?
anonymous
  • anonymous
4
anonymous
  • anonymous
i think 2 years
SolomonZelman
  • SolomonZelman
Your entire investment is: \(\color{#000000 }{ \displaystyle $1000 }\) (and this 100% of the investment.) When you take 8% of the investment, that is: \(\color{#000000 }{ \displaystyle (8/100) }\)th And 8% of the investment is: \(\color{#000000 }{ \displaystyle $1000\cdot (8/100)=$80 }\) So each year you get 80$.
SolomonZelman
  • SolomonZelman
You want to raise your money to $1300, and that is by $300. In how many years will you get $300 if each year you get $80?
anonymous
  • anonymous
so 4 years is 320 and rounded its 300 right?
PrincessAurora
  • PrincessAurora
@SolomonZelman I don't know because 80*3 is 240 and 80*4 is 320 so neither go to 300
SolomonZelman
  • SolomonZelman
Yup
SolomonZelman
  • SolomonZelman
You will get it in 4 years...
SolomonZelman
  • SolomonZelman
Not because you are rounding, but you need to get 1300 or more, and THAT you can get in 4 years.
PrincessAurora
  • PrincessAurora
I put 4 and it said incorrect :( I hate math
SolomonZelman
  • SolomonZelman
I suppose then, 300/80=3.75
SolomonZelman
  • SolomonZelman
Maybe 3.75, but that would be really wierd...
PrincessAurora
  • PrincessAurora
That probably was it because my math class is weird they want decimals
SolomonZelman
  • SolomonZelman
But, in practice, though, you wouldn't get your money until the 4th year is over. This is why they are wrong.
SolomonZelman
  • SolomonZelman
If they are proposing such a scenario, then the assuming is - an integer number of years.
SolomonZelman
  • SolomonZelman
the **assumption

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