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poizon [28]
3 years ago
10

NEED HELP!!!!

Mathematics
1 answer:
Reika [66]3 years ago
4 0
The equation says
A=p(1+0.078)^t
So
Interest rate 0.078×100=7.8%
Quarterly interest rate 7.8%/4=1.95%
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Answer:

According to the rule of 72, the doubling time for this interest rate is 8 years.

The exact doubling time of this amount is 8.04 years.

Step-by-step explanation:

Sometimes, the compound interest formula is quite complex to be solved, so the result can be estimated by the rule of 72.

By the rule of 72, we have that the doubling time D is given by:

D = \frac{72}{Interest Rate}

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The exact answer is going to be found using the compound interest formula.

A = P(1 + \frac{r}{n})^{nt}

In which A is the amount of money, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit t and t is the time the money is invested or borrowed for.

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\log_{a} a^{n} = n

So:

\log_{1.09}(1.09)^{t} = \log_{1.09} 2

t = 8.04

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