3 years ago

a $1,000 savings account earns 2.3% interest compounded monthly. how long will it take to double the original investment?

Mathematics

1 answer:

Rudik [331]3 years ago

3 0

It will take a total of 44 months

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$\Rightarrow x^2-2\cdot 6\cdot x+15=0\\\text{add and subtract 36}\\\Rightarrow x^2-2\cdot 6\cdot x+15+36-36=0\\\Rightarrow x^2-2\cdot 6\cdot x+36+(-36+15)=0\\\text{using}\ (a-b)^2=a^2+b^2-2ab\\\Rightarrow (x-6)^2-21=0\\\Rightarrow (x-6)^2=21\\\Rightarrow x-6=\pm \sqrt{21}\\\Rightarrow x=6\pm \sqrt{21}$

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