Alberto is saving money to buy a pair of shoes that cost $58 He already saved $ 32 he still needs to save d dollars
2 answers:
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(See attached formula)
Years = log (total / principal) / n*log(1 + rate/n) where n = compounding periods per year
Years = log (total / principal) / n*log(1 + rate/n)
Rate of .75% = .0625 per month
We'll say we want total = 200 and principal = 100
Years = log (200 / 100) / 12*log(1 + rate/n)
Years = log (2) / 12 * log (1 + .0625/12)
Years = <span> <span> <span> 0.3010299957 </span> </span> </span> / 12 * <span> <span> <span> 0.0022560803 </span> </span> </span> <span><span> </span> </span>
Years = <span> <span> 0.3010299957 </span> </span> / <span> <span> <span> 0.0270729635 </span>
Years = </span></span><span><span><span>11.1192110871 </span> </span> </span>
I don't think that's right
The interest rate is REALLY low. (Less than 1%)
Rate = .75 and .0075 when in a formula
Years = log (2) / 12 * log (1 + .0075/12)
Years = log (2) / 12 * log( <span>1.000625</span>)
Years = <span> <span> <span> 0.3010299957 </span> </span> </span> / 12 * <span> <span> <span> 0.0002713493 </span> </span> </span>
Years = <span><span><span> <span> 0.3010299957 </span> </span> / 0.0032561912 </span>
</span>Years = <span><span><span>92.4485010892
THAT seems a more likely answer with such a low interest rate.
</span> </span> </span>
Years = log (total / principal) / n*log(1 + rate/n) where n = compounding periods per year
Years = log (total / principal) / n*log(1 + rate/n)
Rate of .75% = .0625 per month
We'll say we want total = 200 and principal = 100
Years = log (200 / 100) / 12*log(1 + rate/n)
Years = log (2) / 12 * log (1 + .0625/12)
Years = <span> <span> <span> 0.3010299957 </span> </span> </span> / 12 * <span> <span> <span> 0.0022560803 </span> </span> </span> <span><span> </span> </span>
Years = <span> <span> 0.3010299957 </span> </span> / <span> <span> <span> 0.0270729635 </span>
Years = </span></span><span><span><span>11.1192110871 </span> </span> </span>
I don't think that's right
The interest rate is REALLY low. (Less than 1%)
Rate = .75 and .0075 when in a formula
Years = log (2) / 12 * log (1 + .0075/12)
Years = log (2) / 12 * log( <span>1.000625</span>)
Years = <span> <span> <span> 0.3010299957 </span> </span> </span> / 12 * <span> <span> <span> 0.0002713493 </span> </span> </span>
Years = <span><span><span> <span> 0.3010299957 </span> </span> / 0.0032561912 </span>
</span>Years = <span><span><span>92.4485010892
THAT seems a more likely answer with such a low interest rate.
</span> </span> </span>