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tyron is saving up money for a down payment on a motorcycle. he currently has $3532, but knows he can get a loan at a lower interest rate if he can put down $4146. if he invests the $3532 in an account that earns 4.9% annually, compounded quarterly, how long will it take tyron to accumulate the $4146? round your answer to two decimal places, if necessary.

Sagot :

It will take Tyron to accumulate the $4146 in monthly time   1.966.

monthly  time  = 1.966

final amount = $6355

initial principal = $5648

rate = 6 %

we get here time by this formula

amount = principal × (1+r)^t    ............1

put here value and we get time t

6355 = 5648 ×     (1+ 0.06/ 12)^12*t

1.125 =   (1.0025)^12*tW

take ln both side

ln 1.125 = ln   (1.005)^12*t

0.1177 = 12 × t × 4.9875 ×   10^-3

monthly  time  = 1.966

To gather or acquire, regularly in gradual levels; heap up: to build up wealth. verb (used without item), ac·cu·mu·lat·ed, ac·cu·mu·lat·ing. to accumulate right into a heap, mass, cover, and so on.; form a steadily growing amount: Snow accrued inside the driveway. His money owed was saved on accumulating.

An accumulation is a gathering or increase of some thing through the years. you may move your palms in hopes of a massive expansion of snow, so you get a day off of school.

Learn more about accumulate here https://brainly.com/question/11615305

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