menu
Qammunity.org
Login
Register
My account
Edit my Profile
Private messages
My favorites
You want to save $4,500 to buy an above-ground swimming pool. You deposit $3,750 in an account earning 5.5% simple interest. After how long will you have enough money in the acc…
Ask a Question
Questions
Unanswered
Tags
Ask a Question
You want to save $4,500 to buy an above-ground swimming pool. You deposit $3,750 in an account earning 5.5% simple interest. After how long will you have enough money in the acc…
asked
Dec 7, 2019
29.5k
views
0
votes
You want to save $4,500 to buy an above-ground swimming pool. You deposit $3,750 in an account earning 5.5% simple interest. After how long will you have enough money in the account to purchase the pool? Round your answer to the nearest whole number. You will have enough money after about years.
Mathematics
college
Liquidpie
asked
by
Liquidpie
8.1k
points
answer
comment
share this
share
0 Comments
Please
log in
or
register
to add a comment.
Please
log in
or
register
to answer this question.
1
Answer
3
votes
Assuming the price of the pool does not change, then
Additional interest required is 4500-3750=750
using
I=Pit, we set up equation
750=3750*0.055*t
Solve for t
t=750/(3750*0.055)=3.64 years.
So will need to wait 3.64 years, or rounded up to 4 years.
Nglauber
answered
Dec 14, 2019
by
Nglauber
7.5k
points
ask related question
comment
share this
0 Comments
Please
log in
or
register
to add a comment.
← Prev Question
Next Question →
No related questions found
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.
9.4m
questions
12.2m
answers
Categories
All categories
Mathematics
(3.7m)
History
(955k)
English
(903k)
Biology
(716k)
Chemistry
(440k)
Physics
(405k)
Social Studies
(564k)
Advanced Placement
(27.5k)
SAT
(19.1k)
Geography
(146k)
Health
(283k)
Arts
(107k)
Business
(468k)
Computers & Tech
(195k)
French
(33.9k)
German
(4.9k)
Spanish
(174k)
Medicine
(125k)
Law
(53.4k)
Engineering
(74.2k)
Other Questions
How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Twitter
WhatsApp
Facebook
Reddit
LinkedIn
Email
Link Copied!
Copy
Search Qammunity.org