You have $5,000 in your savings account, and want to buy a car for $20,000. Part 1 Attempt 1/10 for 10 pts. If you are not depositing any new money into your account and the interest rate on your savings account is 3% per year, how many years do you have to wait before you can buy the car?

Answers

Answer 1

You will need to wait for about 23 years to buy a car worth $20,000 if you have $5,000 in your savings account and you are not depositing any new money into your account and the interest rate on your savings account is 3% per year.

Given that the amount of money you have in your savings account is $5,000, and you want to buy a car worth $20,000.

You want to find out how many years you need to wait before you can buy the car without depositing any new money into your account and the interest rate on your savings account is 3% per year.

The interest rate is 3% per annum.

So, we can use the compound interest formula to calculate the time taken as follows;

A = P(1 + r/n)^(nt)

Here,P = $5,000

r = 3/100 = 0.03

n = 1t = time taken

A = Amount = $20,000

We are looking for the time it will take to accumulate $20,000 from $5,000 with 3% interest per annum using the compound interest formula.

A = P(1 + r/n)^(nt)

20,000 = 5,000(1 + 0.03/1)^(1*t)20,000/5,000 = (1 + 0.03)^t

4 = (1.03)^t

t = log4/log(1.03)

t = 22.56 years (rounded to 23 years).

Learn more about saving accounts at:

https://brainly.com/question/29075704

#SPJ11


Related Questions

Historical simulation Value at Risk (VaR) relies upon the use of historical asset price,

interest rate, foreign exchange rates, commodity prices together with a host of other

parameters to calculate the VaR. Select the correct statement below:

A. The accuracy of Historic VaR is based upon the assumption that the historic return

distribution will be representative of the return distribution one can expect to see

for the portfolio at hand and the conditions currently prevailing in the financial

markets.

B. Historic Simulation VaR is always an appropriate measure of risk for both linear

and non-linear financial instruments.

C. Historical Simulation VaR requires a significant amount of data and computational

power to produce accurate results.

D. All of the above.

E. A and C.

Answers

The correct statements are for the given question, "Historical simulation Value at Risk (VaR) relies upon the use of historical asset price, interest rate, foreign exchange rates, commodity prices together with a host of other parameters to calculate the VaR," is E. A and C.

Historical simulation Value at Risk (VaR)Historical simulation Value at Risk (VaR) is a method used to estimate the possible loss on an investment portfolio. It relies on using historical asset price, interest rate, foreign exchange rates, commodity prices together with a host of other parameters to calculate the VaR. In the following text, we will discuss the two options that are asked in the question.

A) The accuracy of Historic VaR is based upon the assumption that the historic return distribution will be representative of the return distribution one can expect to see for the portfolio at hand and the conditions currently prevailing in the financial markets. This statement is correct. The historical VaR assumes that the past return distribution will be representative of the return distribution one can expect to see for the portfolio at hand and the conditions that currently prevail in the financial markets. The accuracy of the historic VaR is based on this assumption.

B) Historic Simulation VaR is always an appropriate measure of risk for both linear and non-linear financial instruments. This statement is incorrect. Historical simulation VaR is a good measure of risk for linear financial instruments. However, it is not always an appropriate measure of risk for non-linear financial instruments. Non-linear financial instruments, such as options, have a non-linear payoff profile, and their risk exposure varies based on the underlying asset's price and time.

E) A and C. This statement is correct. Historical Simulation VaR requires a significant amount of data and computational power to produce accurate results. Additionally, the accuracy of the Historic VaR is based upon the assumption that the historic return distribution will be representative of the return distribution one can expect to see for the portfolio at hand and the conditions currently prevailing in the financial markets. Hence, the correct statement is E. A and C.

More on Historical simulation: https://brainly.com/question/32293564

#SPJ11

The word unprecedented appears underlined in the excerpt. It is formed from the base
word precede, meaning “come before." Choose the answer that gives the most likely definition
of unprecedented, from its base word precede.
a. frequently observed
b. everyday occurrence
c. never previously experienced
d. happening with regularity

Answers

Answer:

its c

Explanation:

Metaphors for proverty

Answers

Answer:

A deep dark hole (sounds weird but let me continue)

Explanation:

Poverty, is a deep dark hole, that goes on and on. Once in the hole, it can be hard to find your feet and climb out. Sometimes you feel like giving up, and stop edging your way up. It consumes your energy, motivation and worth. Don’t fall into the everlasting hole; like many others have.

Hope this is okay :)

Why did Viola dress as a man
Your words

Answers

Answer:

In order to gain entry into Orsinos court.

What are 3 quotes that prove that Romeo and Juliet are truly in love?

Answers

“Love is a smoke made with the fume of sighs.” and "soar with them above a common bound.” "O Romeo, Romeo, wherefore art thou Romeo?

compare two ways in which destructive relationships influence your well being as opposed to constructive relationships​

Answers

Answer:

Destructive relationships can negatively affect your mental health. A destructive relationship with a significant other can leave you emotionally scarred or depressed.  Constructive relationships can positively heal your trama.

Explanation:

-- constructive relationships: It causes mental healing and  stress but not physical harm          

 --   Destructive relationships involves constant negative pressure, verbal abuse, mental and emotional torture

Write a good hook and thesis on "is there too much pressure on girls to have "perfect bodies?"

Answers

Answer:

Now in days having a perfect body is how everyone is expected to look if not they are an outsider or they are "different" It is time to normalize not having a perfect body. My body not being perfect does not mean I am not healthy. imperfect body-shaming is shameful, can cause trauma, and body shaming is a form of bullying.

mark brainliest:)

Explanation:


Write a paragraph about your dream job & my dream job is to be a accountant

Answers

Answer:

my dream job is to be a general practitioner

Explanation:

The balloons hang on wires/ they float their faces to the face of the sky. Which figurative language?

Answers

The figurative language in the sentence "The balloons hang on wires/ they float their faces to the face of the sky" is Personification.

Personification is the literary tool that attributes human qualities to non-human things such as animals, objects, or concepts. In the given sentence, the balloons are given human qualities because they have been personified. The balloons do not have a face, but they are described as if they do.

The personification in this sentence helps create a more vivid image in the reader's mind.The balloons do not have a face, but they are described as if they do.

To know more about Personification visit :

https://brainly.com/question/14791680

#SPJ11

boy in the striped pajamas

For a boy with a formal, private education is it surprising that Bruno does not know where Poland and Denmark are? What does this say about his world view, especially when he states that "Germany is the greatest of all countries"?

Answers

Answer:

Probably because something went wrong or good in Germany

Explanation:It could have been a sarcasm or he actually meant that way

Which sentence
contains a hyperbole?
1. She was as tall as the Washington monument.
2. The coach descended upon the losing team and sank his claws into the game statistics.
3. The book struck a spark with the reader.
4. I can’t make heads or tails out of the directions.

Answers

The 1st one is a hyperbole

PLEASE HELP ME
According to Chicago Manual of Style notation, who wrote the book that the author of this article used to research how historical ideas and practices are still relevant today?
A.
Lilly Cobbler
B.
Ramses Hamadi
C.
Gabriel Keane
D.
Quinn Belinsky

Answers

C. Gabriel Keane

Did this awhile back

How does Walker think we should view fear?

Answers

“We all know fear,” says Walker, “but we think of fear as a weakness.” We're wired, she says, to be optimists. We conquer fear, fight it, “but what if we thought of fear as an amazing act of the imagination.” This view is easiest to see in young children, with vivid fears.....

Read this excerpt from When Birds Get Flu and Cows Go Mad! How Safe Are We?.


International Society for Infectious Diseases (ISID)


1330 Beacon Street, Suite 228

Brookline MA 02446

PHONE: 617-277-0551

FAX: 617-278-9113

EMAIL:

The ISID is committed to improving the care of patients with infectious diseases, the training of clinicians and researchers in infectious diseases and microbiology, and the control of infectious diseases around the world.


This resource would best help a reader gain more understanding about


A. treatments for a range of medical problems.

B. medications that are approved by the FDA.

C. preventing hazards in the workplace.

D. the training of infectious disease researchers.

Answers

Answer:

D. the training of infectious disease researchers.  

Explanation:

The source would help a reader get more knowledge about the training that clinicians and researchers get regarding infectious diseases. We can see that the reader will gain more understanding of the infectious diseases training in professionals because the email details the institution's name, which gives a general idea about their mission. Also, the message mentions the things that this organization does: improve infected patient care, training, and control of infectious diseases.

There is no mention in the email about the other options. The only thing that the message mention is the ISID's objectives, where the training of professionals regarding infectious diseases is one of them. In conclusion, the reader will gain more understanding about option d.

Answer:

D on edg 2021 <3

Explanation:

I really need help with this!!

Read the excerpt and analogy, then answer the question.


Animal Farm

And in many ways the animal method of doing things was more efficient and saved labour. Such jobs as weeding, for instance, could be done with a thoroughness impossible to human beings. And again, since no animal now stole, it was unnecessary to fence off pasture from arable land, which saved a lot of labour on the upkeep of hedges and gates. Nevertheless, as the summer wore on, various unforeseen shortages began to make them selves felt.

arable : fertile :: clouded : vague



In at least one hundred words, how does the analogy help the reader to understand the meaning of the word arable in this excerpt?

Answers

The analogy between "arable : fertile" and "clouded : vague" helps the reader understand that the word "arable" in the excerpt means land suitable for cultivation or farming.

The analogy aids in clarifying the meaning of the word "arable" by providing a comparison with a more familiar term, "fertile." By equating "arable" with "fertile," the reader can infer that "arable" refers to land that is suitable for cultivation or farming, just as "fertile" describes land that is capable of producing abundant crops.

The analogy works by establishing a relationship between two pairs of words: "arable : fertile" and "clouded : vague." The parallel structure suggests that "arable" and "fertile" have a similar relationship as "clouded" and "vague." In this context, "clouded" is synonymous with "vague," implying a lack of clarity or uncertainty. By drawing this comparison, the reader can deduce that "arable" shares a similar connection to "fertile," indicating that it pertains to land that is suitable for farming or cultivation.

In summary, the analogy between "arable : fertile" and "clouded : vague" helps the reader understand that the word "arable" in the excerpt refers to land that is suitable for cultivation or farming. The analogy establishes a parallel relationship between the pairs of words, allowing the reader to infer the meaning of "arable" based on its association with "fertile."

For more questions on analogy

https://brainly.com/question/1490242

#SPJ8

what is the significance of jeanette saying that she said her first human lie in st lucys home for girls raised by wolfs

Answers

The fact that Jeanette admitted to telling her first human lie in St. Lucy's Home for Girls Raised by Wolves is crucial since it illustrates her efforts to integrate into human society and her progress towards doing so.

It highlights the challenges she encounters while attempting to grasp the subtleties of interpersonal communication. Throughout the memoir, Jeanette struggles with the standards and expectations of both human and animal civilizations. This particular passage emphasizes her realization of the complexity of the human social environment.

This period showcases Jeanette's fortitude and resiliency and marks a turning point in her development and awareness of cultural conventions. She is discovering acceptance not just from her human classmates but also from her wolf and wolf-raised relatives. This anecdote serves as a reminder of the value of compassion and understanding in bridging cultural divides and promoting harmony.

To learn more about Jeanette link is here

brainly.com/question/18143752

#SPJ4


















business/finance / finance questions and answers / question: 39. research business journals and magazines such as the... Question: Question: 39. Research Business Journals And Magazines Such As The Wa

Answers

Business Journals and Magazines are crucial resources for any student studying finance, business, or management. These publications provide news and analysis of current market trends, offer insights into various industries and their practices, and present new ideas for financial management or business strategies.The Wall Street Journal (WSJ) is one of the most respected business publications in the world.

It is widely recognized for its comprehensive coverage of financial markets, business news, and global economic developments. The WSJ is available in print and online, with a subscription required for full access. The Journal of Finance is a prestigious academic journal that publishes research on all areas of finance. This journal provides insight into the latest research in financial theory and practice and is a valuable resource for students and researchers.

The Harvard Business Review (HBR) is another highly regarded publication that provides readers with insights into business management and strategy. It covers topics ranging from marketing to finance, human resources to leadership and offers practical advice for managers and executives. Finally, Forbes Magazine is one of the most popular business magazines globally. Forbes covers many topics including business, finance, investing, entrepreneurship, technology, and lifestyle. Forbes is an excellent resource for those interested in business and entrepreneurship.

Learn more about resources:

https://brainly.com/question/12748073

#SPJ11

did you know that apples onions and potatoes all taste the same if you have your nose plugged when you eat them

Answers

Answer:

Wow I didn't know that (did you know that bananas are curved toward the sun! wink wink)

Explanation:

c.
Do spendthrifts really burn money?

Answers

Answer: No, they do not really burn money.

Answer:No

Explanation: They don't really burn money they spend it on irrelevant things.

Drag the tiles to the boxes to form correct pairs identify the different parts of the poster from 1917 mood and tone audience symbols message 30 points

Answers

Answer:

1) Symbol

2) Audience

3) Message

4) Mood and tone

Explanation:

The different parts of the poster from 1917 can be matched as follows:

1) Statue of Liberty - Symbol

2) Immigrant Americans - Audience

3) Support the US government by buying government bonds - Message

4) Nostalgic and Patriotic - Mood and Tone

In the 1917 poster, the symbol is the Statue of Liberty, the audience are immigrant Americans and a message was been passed to them to buy government bonds.The mood and tone were nostalgic and Patriotic respectively.

Ps: View attached image

PLSSSS HELPPPP MEEEEEEEEE!!!!!!
Read the excerpt from "Healthy Eating."


If anything gets in the way of our good eating, it's lifestyle. When you get home from work late, why spend an hour in front of the stove when you can spend two minutes at the microwave? And doesn't that oatmeal box claim to be a good source of calcium for our kids, never mind the small print listing 14 grams of sugar? A small soda at the movies could satisfy a family of four. Even schools have vending machines.


What does the author think is responsible for people's poor eating habits?


A) They do not know how to correctly read the nutrition information on food packages.

B) They do not know how to prepare healthy meals that are both inexpensive and quick.

C) They often choose foods that are quick and convenient instead of ones that are healthy.

D) They spend time thinking about work and entertainment instead of thinking about food.

Answers

Answer:

A

Explanation:

i think it is a because that is the only reasonable answer  

Leukemia is contagious.

Answers

Oh it is? How so smarty pants ?!

1. Which of the following statements best describes the United States Constitution? A. A document declaring the independence of the United States.

B. The basis for the federal government and the highest form the law in the United States.

C. A series of treaties with other countries such as France, Britain, Germany and China

D. A statement that people recite while saluting the flag.

please help me with this. ​

Answers

Answer:

The answer should be

B. The basis for the federal government and the highest form of law in the United States.

(A) Document declaring the independence of the United States.

I took the test :)

To what does the heading "Distraction/Rate" refer?
(WILL GIVE BRAINLIEST)

Answers

Answer:

distraction rate in do describes the distance in millimeter in which the bone is moved per day and distraction rhythm describes the frequency of device activation per day

Explanation:

i mean i g00gled it uh here

WILL GIVE BRAINLIEST!!

What is MOST LIKELY the author’s purpose in the passage below?


Our master was a good, kind man. He gave us good food, good lodging, and kind words; he spoke as kindly to us as he did to his little children. We were all fond of him, and my mother loved him very much. When she saw him at the gate she would neigh with joy, and trot up to him. He would pat and stroke her and say, "Well, old Pet, and how is your little Darkie?" I was a dull black, so he called me Darkie; then he would give me a piece of bread, and sometimes he brought a carrot for my mother. All the horses would come to him, but I think we were his favorites.

a.) to represent a unique point of view

b.) to give an opinion about a social issue

c.) to show how someone feels in a situation

d.) to express an idea or insight about life

Answers

Answer:

A.) to represent a unique point of view

Explanation:

Answer: to represent a unique point of view

5. Victor was surprised that his______wife traveled
hundreds of miles to confront him after he abandoned his
family.
A. euphoric
B. regressed
C. estranged
D. infallible
E. fallacy

Answers

Answer:

Euphoric

Explanation:

Because Victor was surprised that his wife traveled

hundreds of miles to confront him after he abandoned his

family.

And Euphoric means: Feeling intense happiness

I hoped this helped!

a sentence with the word "densively"​

Answers

Answer:

Explanation:

"I took care of Sasha," he said somewhat defensively .

When Paul asked Marcus if he took his phone, Markus acted out defensively.

what is this trying to tell us ¨the air is filled with flying white and no man may venture forth¨

Answers

It’s a story based on a very poor man who lived in the poorest igloo in the village, who rose to power and was placed to rule over the village.

How does Dog view his life?

A
Dog is upset that he is a slave to his master.
B
Dog is happy with his situation in life.
C
Dog is jealous of Wolf’s freedom.
D
Dog likes his master but not his job keeping thieves away.

Answers

Answer:

B

Explanation:

A dog is always happy

The answer is B because I would know.

How could your family cut costs? PLZ ILL MAKE BRAINLIEST

Answers

Answer: i would say they could cut cost by buying less things at the store and only buy things that are actually needed in the moment of time

Explanation:

Answer:

By eating at home instead of out to eat, saves money.

By turning off electricity when you don't need to use it, lowers bills.

By watching movies at home, instead of at the movie theater.

By buying only the essentials.

By not wasting water.

By turning off the heat or air conditioner, when no using it.

Explanation:

Hope this helps! Please mark as brainliest! :)

Other Questions
Find the distance between (5, -1) and (1,-5). Eating soup that has been time-temperature abused can result in? Which solution for z makes the equation true?? 10+10+z=40=10 (pls explain why. Thanks) what type of membrane is the visking tubing Complete the table below for the equation y=1+2x Find the area of the figure. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) internal control framework consists of five interrelated components. Which of the following is NOT a factor pertaining to the control environment component?a) Operating performance reviews.b) Management integrity.c) Ethical values.d) Personnel development. What are some benefits of paying taxes? Check all that apply.ensuring that the needs of the nation are fulfilledpaying for public works such as highways and museumsreducing the amount of money consumers can spendslowing growth in the economypaying for government programs that help citizens Cody did not understand the concepts of the special cases when factoring. Explain the concept of the perfect square binomial. Use an example to help explain to her how it is a special case and how to factor it using the special case rules. Generating Equivalent ExpressionsSimplify the expressionby applying the distributive property & combining like terms.Show work.6(x + 4y) + 3x - 20y I really need help on this Calculate the following future values in the following questions using the interest rates supplied. The total time is 25 years, and the present value is $2,500. (9 marks)5% compounded quarterly, quarterly payment.5% compounded monthly, monthly payment.5% compounded daily, daily payment (365 days). true/false. economists sometimes refer to the resource category land as natural resources. Why is the United States of America represented on the Virgin Islands flag? what is the meaning of the word illustrious as used in the last paragraph Which of these describe a unique polygon 3 questions 4 is about what percent of 9?About what percent of 7560 is 3000?1.3 is about what percent of 27?Please help me my teacher does not explain how to do this well.. Savvy Drive-Ins Ltd. borrowed money by issuing $5,500,000 of 6% bonds payable at 975 on July 1, 2016 Te bonds are 10-year bonds and pay interest each January 1 and July 1 How much cash did Savvy receive when it issued the bonds payable? Journalize this transaction 2. How much must Savvy pay back at maturity? When is the maturity date? 3. How much cash interest will Savvy pay each six months? 4. How much interest expense will Savvy report each six months? Assume the straight-line amortization method. Journalize the entries for accrual of interest and amortization of discount on December 31, 2016, and payment of interest on January 1, 2017 cash interest will Sa 3. How much vvy pay each six months? Savvy will pay interest of S 4. How much interest expense will Savvy report each six months? A client sent a PDF to be included as a page in a book you are designing. The client misspelled several words in the PDF. The PDF is a scan of text. What can you do to fix the misspelled words?OptionsA. File > Export to > Microsoft WordB. Tools > Organize PagesC. Tools > Edit PDFD. Tools > Accessibility Goal- Evaluate the article as an economist.Role- EconomistAudience- World Economic ForumSituation- You have been appointed as the lead economist to make an analysis and evaluation (judgements), about recent market condition.Product- A detailed economic evaluation of an article that include (Diagram/s; Terminology/Analysis and Evaluation)