Mathematics: You are considering investing in a bank account that pays a nominal annual rate of 14.03% compounded monthly. if you invest $3,000 at the end of each month, how many months will it take for your account to grow to $150,000?

x = 15Step-by-step explanation:Because PQ is parallel to JL, Substituting, we have 5(x-6) = 3x5x - 30 = 3x2x = 30x = 15...

You are considering investing in a bank account

cdeanrn8971

07.01.2022

Approx. 336 months

Step-by-step explanation:

Rate of interest = 14.03%

No. of compounds per year = 12

Let t be the time in years

Amount = $150,000

Principal = $3,000

Formula : $A=P(1+\frac{r}{n})^{nt}$

$150000=3000(1+\frac{14.03}{100 \times 12})^{12t}$

t= 28.046

S, time is approximately 28 years

1 year = 12 months

So, 28 years = $12 \times 28$

28 years = $12 \times 28 =336$

Hence it will take approx. 336 months for your account to grow to $150,000

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kevinsosdik

19.07.2021

x = 15

Step-by-step explanation:

Because PQ is parallel to JL, $\frac{KP}{PJ} = \frac{KQ}{QL}$

Substituting, we have $\frac{x-6}{3} = \frac{x}{5}$

5(x-6) = 3x

5x - 30 = 3x

2x = 30

x = 15

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