What we know:
Acct. balance A (11)= $2,976.45
Pricipal=$1,963.45
Compounded (n)=quarterly (4)
rate=r
Compound interest formula: A (t)=p (1+r/n)^nt
What we need toi find:
If the interest compounds quarterly, what is the interest rate on the account? Find r.
A (t)=p (1+r/n)^nt
2976.45=1963.45 (1+r/4)^(4×11)
2976.45=1963.45 (1+r/4)^44
2976.45/1963.45=1963.45/1963.45 (1+r/4)^44
1.5159=(1+r/4)^44
(1.5159)^(1/44)=((1+r/4)^44)^(1/44)
1.0095=1+r/4
1.0095-1=1-1+r/4
.0095=r/4
.0095(4)=r/4 (4)
.038=r
Rate = 3.8%
Answer:
Step-by-step explanation:
Check attachment for solution
Answer:
The answer is 20
Step-by-step explanation:
Given that the smallest angle of rotation for a regular hexagon is 18°. We are to find the number of sides of the polygon. Since the polygon is regular, so all its sides and angles are equal.
A=future amount
P=present amount
r=rate in decimal
n=number of times per year compounded
t=time in years
how many years to double
basically
A=2P at t=?
so we can simplify and ignore the pricipal given and do
r=5.5%=0.055
n=1
t=t
take the ln of both sides
divide both sides by ln1.055
use calculator to aproximate
12.9462=t
about 12.9 years
It is preferred in different contexts because it helps distinguish it from other means.
