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.
Answer: The equation is y= -2x -4
Step-by-step explanation:
The slope intercept form is like y=mx+b so we know the slope which is m but we just need to find the y intercept.
and we will use the given coordinates to find the y intercept by putting in the x and y coordinates into the formula y=mx + b
-6= -2(1) + b
-6= -2 + b
+2 +2
b= -4
Answer:
kick them to the moon. <D
Step-by-step explanation:
it's probably wrong- but that's what i'd do lolol
Alright, so you have the basic formula- good.
You have the A value (400), the interest rate r (7.5% -> .075 in decimal), and the final P value (8500). So, we only need to solve for t.
8500 = (400)(1+.075)^t
/400 /400
21.25 = 1.075^t
logarithms are the inverse of exponents, basically, if you have an example like
y = b^x, then a logarithm inverts it, logy(baseb)=x
Makes sense if you consider a power of ten.
1000 = 10^3
if you put logbase10(1000), you'll get 3.
Anyways, though, to solve the problem make a log with a base of 1.075 in your calculator
log21.25(base 1.075) = t
also, because of rules of change of base (might want to look this up to clarify), you can write this as log(21.25)/log(1.075) = t
Thus, t is 42.26118551.
Rounded to hundredths, t=42.26
Answer:
£280
Step-by-step explanation:
238/0.85