1. b = $95.94 / 6
= $15.99
t = $15.99 / 20
= $0.80
2. A: $1.28 / 8 = $0.16 per oz
B: $1.68 / 12 = $0.14 per oz
Difference: $0.02 per oz
The interest rate is 6.992%, if a bank advertises that it compounds money quarterly and that it will take Double your money in 10 years.
Step-by-step explanation:
The given is,
Compounds money quarterly
Double your money in 10 years
Step:1
Formula to calculate future investment with compounded quarterly,
...............................(1)
Where, A - Future amount
P - Initial investment\
r - Rate of interest
n - No. of compounding in a year
t - No. of years
Step:2
Let, P = X
A = 2X ( Double your money )
From given, n - 4 ( for compounding quarterly )
t - 10 years
From equation (1)



Take root
root on both side,
![\sqrt[40]{2} = (1+\frac{r}{4} )](https://tex.z-dn.net/?f=%5Csqrt%5B40%5D%7B2%7D%20%3D%20%281%2B%5Cfrac%7Br%7D%7B4%7D%20%29)





r = 6.992 %
Result:
The interest rate is 6.992%, if a bank advertises that it compounds money quarterly and that it will take Double your money in 10 years.
Yes it is C if you do the math and simplify it that is what you’ll get
It’s -37! | this means the opposite of the number ;)
The annual yield is
(1 + 0.062/365)³⁶⁵ = 1.06396
The percentage yield is therefore 6.396% .