Interest is compounded semianually. Find the amount in the account after the given time.
1 answer:
You might be interested in
Answer:
5
Step-by-step explanation:
reminder of rules for division
• If signs are the same then positive result
• If signs are different the negative result
+ 7 ( signs of division are different )
= - 2 + 7
= 5
Answer:
We divide both sides by 100000 and we got:
Now we can apply natural logs on both sides;
And then the value of t would be:
And rounded to the nearest tenth would be 9.2 years.
Step-by-step explanation:
For this case since we know that the interest is compounded continuously, then we can use the following formula:
Where A is the future value, P the present value , r the rate of interest in fraction and t the number of years.
For this case we know that P = 100000 and r =0.12 we want to triplicate this amount and that means and we want to find the value for t.
We divide both sides by 100000 and we got:
Now we can apply natural logs on both sides;
And then the value of t would be:
And rounded to the nearest tenth would be 9.2 years.