Answer:
9.694 years
Step-by-step explanation:
Let the investment is $P.
So, we are asked to determine the time it will grow to triple with the compound interest rate of 12%.
Let the time is y years.
So, from the formula of compound interest we can write
⇒
⇒
Now, taking log both sides we get,
y log 1.12 = log 3 {Since, }
⇒ 0.04922y = 0.477712
⇒ y = 9.694 years (Answer)
Answer:
The correct answer is the sales tax charged is $5.61 for $66 dinner at 8.5% tax rate.
Step-by-step explanation:
Cost of the dinner is $22. Tax levied on it is $1.87
Let x% is the rate of tax in the city.
Therefore, x% of 22 = 1.87
⇒ x = 1.87 × = 8.5
Therefore 8.5% is the tax rate in the city on foods.
Now another dinner costs $66.
Tax levied on it at the same percentage is given by 8.5% of 66 = $5.61.
Thus $5.61 as sales tax would be charged for a $66 dinner.