Jennifer age 18 initially invested $1000 at 8% interest how old would she be when the account is $128,000

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Jennifer age 18 initially invested $1000 at 8% interest how old would she be when the account is $128,000

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Mít Mít 5 years 2021-08-06T12:24:55+00:00 1 Answers 20 views 0

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  1. thuhuong
    0
    2021-08-06T12:26:25+00:00
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    Answer:

    2,304 years old

    Step-by-step explanation:

    Given: Jennifer age = 18, Invested = $1000 at 8% interest

    To find: How old would she be when the account is $128,000?

    Wrong solution

    Solution: To figure out how old she will be when her account is $128,000, simply find the difference between her current account value by her current age, by dividing. Then multiply the result by the future account value.

    Step 1: \frac{1000}{18} = 55.5555555556

    Rounding, that is; 55.56

    Step 2: Now, multiply the result by the future account value.

    55.56 × 128000 = 7111680

    Correct solution

    Solution: To find out how old she will be when her account is $128,000, set up a fraction;

    \frac{1000}{8} = \frac{12800}{x}

    Step 1:  Divide the numbers

    \frac{1000}{8} = \frac{128000}{x} \\\\\frac{500}{9} = \frac{128000}{x}

    Step 2: Multiply all terms by the same value to eliminate fraction denominators

    \frac{500}{9} = \frac{128000}{x} \\\\x * \frac{500}{9} = x * \frac{128000}{x}

    Step 3:  Cancel multiplied terms that are in the denominator

    x *\frac{500}{9} = x * \frac{128000}{x} \\\\x * \frac{500}{9} = 128000

    Step 4: Re-order terms so constants are on the left

    x * \frac{500}{9} = 128000\\\\\frac{500}{9} x= 128000

    Step 5: Combine multiplied terms into a single fraction

    \frac{500}{9} x = 128000\\\\\frac{500x}{9} = 128000

    Step 6: Multiply all terms by the same value to eliminate fraction denominators

    \frac{500x}{9} = 128000\\\\9 * \frac{500x}{9} = 9 * 128000

    Step 7: Cancel multiplied terms that are in the denominator

    [tex]9 * \frac{500x}{9} = 9 * 128000\\500

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